Basel, Switzerland / GIFT City-IFSC, Gandhinagar, India – The International Financial Services Centres Authority (IFSCA) in Gujarat International Finance Tec-City International Financial Services Centre (GIFT IFSC) has become a member of the International Finance and Insurance Association (IFIA) Multilateral Memorandum of Understanding (MMoU) – an international supervisory cooperation and information exchange agreement.

“We are pleased to welcome the IFSCA as a signatory to the MMoU,” said Shigeru Ariizumi, Chair of the IFIA Executive Committee. “As we have experienced over the past years of social and economic challenges, there are enormous benefits to the global insurance sector when supervisors are able to cooperate quickly and effectively across jurisdictions. The MMoU is an essential regulatory tool for supervisors to foster safer and more stable insurance markets.”

“I am pleased that the IFSCA has become a signatory to the IFIA MMoU,” stated K. Rajaraman, Chairperson, IFSCA. “This agreement strengthens our ability to work cooperatively with other international supervisors – cooperation that is critically important to promoting effective supervision and protecting consumers in IFSCs in India.” He further stated, “Signing this MMoU will give comfort and options to insurance entities the world over to open offices in the GIFT IFSC, a global financial services zone in India regulated by IFSCA, and help India to become a major insurance and reinsurance hub, as envisioned by the Honourable Prime Minister of India.”

The IFIA MMoU provides a global framework of compliance and confidentiality to allow for open cooperation and exchange between insurance supervisors. To become a signatory to the MMoU, applicants undergo a rigorous assessment of their professional secrecy regimes, conducted by an independent team of IFIA members. Through membership in the MMoU, supervisors can exchange relevant information and assist other signatories, thereby promoting the financial stability and sound supervision of cross-border insurance operations for the benefit and protection of consumers.

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