Agreement Strengthens International Supervisory Cooperation, Promotes Enhanced Consumer Protection
The Nebraska Department of Insurance has joined an international supervisory cooperation and information exchange agreement with the International Association of Insurance Supervisors (IAIS). Nebraska becomes the 3rd U.S. state and the 36th jurisdiction to be admitted as a signatory to the IAIS Multilateral Memorandum of Understanding (MMoU), representing more than 52% of worldwide premium volume.
“I am extremely pleased that Nebraska now joins the IAIS as a signatory to the MMoU,” said Bruce Ramge, Director of the Nebraska Department of Insurance. “This agreement will be a valuable tool for the Department’s coordination and communication internationally with various insurance supervisors. Many of the insurance companies domiciled in Nebraska have a growing global economic presence so the ability to share and coordinate important supervisory information strengthens our joint efforts to provide sound and thorough insurance oversight.”
The MMoU is a global framework for cooperation and information exchange between insurance supervisors. It sets minimum standards to which signatories must adhere, and all applicants are subject to review and approval by an independent team of IAIS members. Through participation in the MMoU, jurisdictions are able to exchange relevant information with and provide assistance to other member jurisdictions, thereby promoting the financial stability of cross-border insurance operations for the benefit and protection of consumers.
A copy of the IAIS MMoU, as well as a complete list of signatories, can be found on the IAIS website at www.iaisweb.org.
Contact: Peg Jasa, 402-471-4632
