The Qatar Financial Centre Regulatory Authority has signed an information exchange agreement with the International Association of Insurance Supervisors (IAIS).
The MMoU will provide the QFC Regulatory Authority with a formal framework for the secure exchange of supervisory information with insurance supervisors around the world.
Michael Ryan, chief executive officer of the QFC Regulatory Authority, said: “We are very pleased to join with other insurance supervisors around the world in becoming a signatory to the MMoU. With a growing number of international insurance firms continuing to establish in the Qatar Financial Centre, the MMoU will assist with their effective supervision through increased cooperation and exchange of supervisory information with our fellow MMoU signatories.”
Peter Braumüller, chair of the executive committee of the IAIS commented: ”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, and the IAIS encourages each of its members to become a MMoU signatory.”