FSC and FSS joined the membership of the IAIS Multilateral Memorandum of Understanding, also known as MMoU. The Multilateral Memorandum is a global framework for cooperation and information exchange among insurance supervisors. The Multilateral Memorandum of Understanding sets minimum standards to which the signatories must adhere. Through membership in the Multilateral Memorandum of Understanding, supervisors are able to exchange relevant information with, and provide assistance to, other signatories, thus promoting the financial stability and sound supervision of cross-border insurance operations for the benefit and protection of consumers. All applicants are subject to review and approval by an independent team of IAIS members. The membership has now grown to include 72 signatories representing approximately 75% of worldwide premium volume.
Keywords: International, Asia Pacific, Korea, Insurance, MMoU, Financial Stability, FSC, FSS, IAIS
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