The Agency became a member of the Multilateral Memorandum of Understanding of the International Association of Insurance Supervisors

The Agency of the Republic of Kazakhstan for Regulation and Development of Financial Market (Agency) has become the 83rd member of the Multilateral Memorandum of Understanding on Cooperation and Information Exchange (MMoU) of the International Association of Insurance Supervisors (IAIS).

The IAIS MMoU was approved by the IAIS Executive Committee on February 15, 2007, to encourage cooperation and information sharing among IAIS member insurance regulators.

The IAIS MMoU provides a global compliance and confidentiality framework to enable open cooperation and information sharing among insurance supervisors. To become a member of the MMoU, applicants undergo a rigorous assessment of their professional secrecy regimes by an independent panel of IAIS members. MMoU membership enables supervisors to share relevant information and provide assistance to other signatories, thereby contributing to financial stability and sound supervision of cross-border insurance transactions for the benefit and protection of consumers.

Joining the IAIS MMoU will enhance the efficiency of the Agency's activities in carrying out its supervisory functions in the insurance sector, simplify and expand cooperation with financial market regulators of other countries.

Membership has grown significantly since the first jurisdiction was adopted in June 2009 and now accounts for three quarters of global gross insurance premiums.

A complete list of international signatory organizations and a copy of the MMoU can be found here https://www.iaisweb.org/about-the-iais/mmou/.  

 

External Communications Office

+7 (727) 237 1089, press@finreg.kz