The Guernsey Financial Services Commission (GFSC) has become a
signatory to the Multilateral Memorandum of Understanding (MMoU) of
the International Association of Insurance Supervisors (IAIS).
The MMoU is a framework for cooperation and the exchange of
information between insurance supervisors and sets minimum
standards to which signatories must adhere.
It is a key initiative of the IAIS and will enable the
supervisory community to improve the effectiveness of cross-border
supervision of insurance and reinsurance companies.
Richard Walker, Director of Policy and International Affairs at
the GFSC, said: "Strong and effective cooperation and
information exchange between supervisors are seen by the G20
countries as crucial to preserving financial stability. Each
authority applying to be a signatory to the MMoU undergoes a
rigorous validation process to ascertain whether the minimum
standards of the MMoU are satisfied. The confirmation that Guernsey
meets these
