You are here: Home » News-IANS » Business-Economy
Business Standard

India-UAE insurance regulators' cooperation MoU approved

IANS  |  New Delhi 

The government on Wednesday approved a memorandum of understanding (MoU) to enhance cooperation between India's insurance regulator and Insurance Authority of United Arab Emirates (UAE).

The decision was taken by the union cabinet which was chaired by Prime Minister Narendra Modi.

"The Union Cabinet has given its ex-post facto approval for the MoU between Insurance Regulatory and Development Authority of India (IRDAI) and the Insurance Authority of United Arab Emirates," a cabinet statement said.

"The MoU was signed in February, 2016."

According to the statement, the MoU provides for enhanced cooperation between the two authorities in the field of insurance supervision by providing a framework for co-operation such as channels of communication.

"It will also result in increasing mutual understanding through the exchange of regulatory and relevant supervisory information including confidential information to enforce or ensure compliance with their respective laws and regulations," the statement added.



Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, April 27 2016. 21:04 IST