The Ohio Department of Insurance 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.
Since the first jurisdiction was admitted in June 2009, the number of members has grown to include 66 signatories representing approximately 72 percent of worldwide premium volume.
“As one of the largest insurance states in the United States, I am pleased that the Ohio Department of Insurance has become a signatory to the IAIS MMoU,” stated Jillian Froment, the director of Ohio's insurance department. She added, “This agreement strengthens our ability to work cooperatively with other supervisors and monitor large cross-border insurers – cooperation that is critically important to promoting effective supervision and protecting Ohio 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.
“We are pleased to welcome Ohio as the latest signatory to the MMoU,” said Victoria Saporta, chair of the IAIS's executive committee. “In order to achieve our ultimate goal of policyholder protection within the global insurance marketplace,” Ms. Saporta added, “an insurance supervisor must be able to cooperate quickly and effectively. The MMoU is an essential regulatory tool – not only in crisis situations, but on a day-to-day basis – for supervisors to foster safer and more stable insurance markets.”
Other MMoU state signatories from the United States include California, Connecticut, Delaware, Florida, Iowa, Maine, Maryland, Michigan, Missouri, Nebraska, New York, Oklahoma, Pennsylvania, Tennessee, Vermont, Virginia, and Washington.
Learn more: www.iaisweb.org.
Steven A. Meyerowitz
Steven A. Meyerowitz, a Harvard Law School graduate, is the founder and president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. He may be contacted at [email protected].