International Association of Insurance Supervisors admits Guatemala’s Superintendency of Banks to its Multilateral Memorandum of Understanding

The International Association of Insurance Supervisors announced that the Superintendency of Banks of Guatemala has joined the IAIS Multilateral Memorandum of Understanding, the international supervisory cooperation and information exchange agreement for insurance supervisors. The agreement is intended to enhance the Guatemalan supervisor’s ability to collaborate with peers across jurisdictions in support of robust supervision and consumer protection. The IAIS Multilateral Memorandum of Understanding provides a global framework on compliance and confidentiality to enable open cooperation and information exchange between insurance supervisors. Admission as a signatory is subject to a rigorous assessment of an applicant’s professional secrecy regime by an independent team of IAIS members, after which signatories can exchange relevant information and assist other members to support the supervision of cross-border insurance operations. The IAIS noted that since the first jurisdiction was admitted in June 2009, membership has expanded to cover around three-quarters of global gross written premiums.