Mongolia considers joining IAIS Multilateral Memorandum of Understanding
Representing Mongolia, Director of Insurance Supervision Division at the Finance Regulatory Commission M.Ulziibat and Director of Foreign Relations and Cooperation Department B.Enkhbaatar attended the 25th Annual Conference of the International Association of Insurance Supervisors (IAIS), held in Luxembourg on November 8 and 9.
During the conference, the delegates met with IAIS General Secretary Jonathan Dixon to exchange views on the possibility of making Mongolia a signatory of the IAIS Multilateral Memorandum of Understanding (MMoU). Currently, insurance supervisors and regulators from more than 200 jurisdictions, constituting 97 percent of the world's insurance premiums, are members of IAIS.
The MMoU is a global framework for cooperation and information exchange among insurance supervisors. It sets minimum standards to which signatories must adhere. Through membership in the MMoU, 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.
The annual conference, organized under the theme “Re-imagining insurance”, attracted over 500 supervisors and industry experts from all around the world. Participants discussed upcoming changes and new challenges driven by economic, technological, social, environmental, and political factors; their impact on the industry; and plans for the medium and long run.