The Insurance Commission of The Bahamas joins IAIS cooperation and information exchange agreement

Basel, Switzerland / Nassau NP, The Bahamas – The Insurance Commission of The Bahamas has become a member of the International Association of Insurance Supervisors (IAIS) Multilateral Memorandum of Understanding (MMoU) – an international supervisory cooperation and information exchange agreement.

“We are pleased to welcome The Bahamas as a signatory to the MMoU,” said Vicky Saporta, Chair of the IAIS Executive Committee. “As we have experienced over the past years of social and economic challenges, there are enormous benefits to the global insurance sector when supervisors are able to cooperate quickly and effectively across jurisdictions. The MMoU is an essential regulatory tool for supervisors to foster safer and more stable insurance markets.”

“I am pleased that the Insurance Commission of The Bahamas has become a signatory to the IAIS MMoU,” stated Michele Fields, Superintendent of Insurance. “This agreement strengthens our ability to work cooperatively with other international supervisors – cooperation that is critically important to promoting effective supervision and protecting the consumers in The Bahamas.”

The IAIS MMoU provides a global framework of compliance and confidentiality to allow for open cooperation and exchange between insurance supervisors. To become a signatory to the MMoU, applicants undergo a rigorous assessment of their professional secrecy regimes, conducted by an independent team of IAIS members. Through membership in the MMoU, supervisors can exchange relevant information and assist other signatories, thereby promoting the financial stability and sound supervision of cross-border insurance operations for the benefit and protection of consumers.

Since the first jurisdiction was admitted in June 2009, the number of members has grown significantly, now representing three-quarters of global gross written premiums. A complete list of international signatories and a copy of the MMoU can be found on the IAIS website by clicking here.

Please find the press release in pdf here.

More information

The principal tasks of the Insurance Commission of The Bahamas (ICB) are to protect the interest of stakeholders and to ensure consumer confidence through effective regulation and supervision of the insurance industry in The Bahamas. For more information about the ICB, please visit https://insurancecommissionbahamas.com, or follow us on LinkedIn, Facebook  and YouTube.

The IAIS is a global standard-setting body whose objectives are to promote 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 the maintenance of global financial stability. Its membership includes insurance supervisors from more than 200 jurisdictions. For more information, please visit http://www.iais.org and follow us on LinkedIn: IAIS – International Association of Insurance Supervisors.

Contacts

Melanie Clowes-Haug (IAIS)
+41 61 280 8442
IAIS-Press@bis.org

Michele Fields (ICB)
Insurance Commission of The Bahamas
+1 242 397 4183
info@icb.gov.bs