Wednesday, December 13, 2017

Insurance regulators in India and UAE ink bilateral pact

Insurance regulators in India and the UAE have recently forged a bilateral agreement that provides for sharing of insurance information.

The Insurance Regulatory and Development Authority of India (IRDAI) signed its first bilateral agreement with the Insurance Authority of UAE for sharing of information and documents, exchange of experience, insurance supervisory aspects, trends and policies, international issues, and sharing of information on cross-border establishments, among others.

The agreement is considered significant in light of the increase in the upper limit of foreign direct investment to 49% from 26% and the rising interest of global insurance firms in India.

The memorandum of understanding was signed by IRDAI chairman TS Vijayan and his UAE counterpart.

IRDAI executive director Sriram Taranikanti added that there has been interest from many other countries, including the US, in forging collaboration with IRDAI.

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