A memorandum of understanding was signed recently between the Iowa Insurance Division and the International Association of Insurance Supervisors. Iowa Insurance Commissioner Nick Gerhart made the announcement of the new partnership on March 27.
Nick Gerhart said, “Joining this international memorandum of understanding is an important step forward for the industry the Iowa Insurance Division regulates.”
“We look forward to working with our international peers at the International Association of Insurance Supervisors,” he added.
As per the new agreement, the Iowa Insurance Division can exchange relevant information with other signatories, and provide assistance to the signatory organizations that can increase financial stability and accelerate sound supervision of cross-border insurance operations in a bid to ensure consumer interest.
The International Association of Insurance Supervisors Multilateral Memorandum of Understanding admit 48 jurisdictions, including 10 U.S. states, that serve more than 63% of worldwide premium volume.
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