Oklahoma Joins International Insurance Information Exchange Agreement

The Oklahoma Insurance Department has joined an international supervisory cooperation and information exchange agreement.

According to the International Association of Insurance Supervisors (IAIS), since the first jurisdiction was admitted in June 2009, membership in the IAIS Multilateral Memorandum of Understanding (MMoU) has grown significantly to now include 64 signatories representing more than 70 percent of worldwide premium volume.

The International Association of Insurance Supervisors (IAIS) is a global standard-setting body promoting effective and globally consistent supervision of the insurance industry to develop and maintain fair, safe and stable insurance markets for the benefit and protection of policyholders; and to contribute to global financial stability.

“I am pleased that the Oklahoma Insurance Department has become a signatory to the IAIS MMoU,” Oklahoma Insurance Commissioner John D. Doak said in a statement released by the department. “As a member of the IAIS, the Oklahoma Insurance Department contributes to the development of international supervisory standards. This agreement strengthens our ability to work co-operatively with other supervisors and monitor large cross-border insurers. This cooperation is critically important to promoting effective supervision and protecting Oklahoma consumers.”

The MMoU is a global framework for cooperation and information exchange among insurance supervisors. It sets minimum standards to which signatories must adhere. All applicants are subject to review and approval by an independent team of IAIS Members. Through membership in the MMoU, supervisors are able to exchange relevant information with and provide assistance to other signatories, thereby promoting the financial stability and sound supervision of cross-border insurance operations for the benefit and protection of consumers.

Other MMoU state signatories from the United States include California, Connecticut, Delaware, Florida, Iowa, Maine, Maryland, Michigan, Missouri, Nebraska, New York, Pennsylvania, Tennessee, Vermont, Virginia and Washington.

Source: Oklahoma Insurance Department