The International Association of Insurance Supervisors has admitted the Magyar Nemzeti Bank, the Central Bank of Hungary, as a signatory to its Multilateral Memorandum of Understanding. Membership enables the Hungarian authority to exchange relevant information and cooperate with other signatories on the supervision of cross-border insurance operations. The agreement provides a global compliance and confidentiality framework for supervisory cooperation and information sharing. Signatories must pass an independent assessment of their professional secrecy regimes. Members now represent three-quarters of global gross written premiums.
International Association of Insurance Supervisors admits Central Bank of Hungary to multilateral supervisory cooperation agreement
The International Association of Insurance Supervisors has admitted the Central Bank of Hungary to its Multilateral Memorandum of Understanding. The agreement enables confidential information exchange and cooperation among insurance supervisors, with signatories now representing three-quarters of global gross written premiums.