IRDAI Signs Memorandum of Understanding With IFSCA for Exchange and Sharing Information for Effective Supervision

The Insurance Regulatory and Development Authority of India (IRDAI) and the International Financial Services Centres Authority (IFSCA) have signed a Memorandum of Understanding (MoU) for collaboration and coordination in the exchange and sharing of information and expertise for efficient supervision.

On April 1, 2022, in the IRDAI office in Hyderabad, the IRDAI and the IFSCA signed an MoU for collaboration and coordination on the following topics.

(a) To guarantee that the ‘Regulated Entities” operations in their respective jurisdictions are conducted sensibly;

b) Technical support and cooperation in areas of mutual interest;

c) Apart from capacity-building activities, c) to exchange information for consultation, development, and enforcement; and

d) To help one another inefficiently performing supervisory functions in their respective jurisdictions.