The Financial Services Commission of Montserrat has become a member of the Caribbean Association of Insurance Regulators (CAIR) Multilateral Memorandum of Understanding (MMoU), an agreement for exchange of information and cooperation & consultation. Mr. Ruwan Jayasekera, President of CAIR commented that “I’m delighted about Montserrat’s decision to become a member of the CAIR MMoU. Collaboration among regulators in the region is key to achieve our common goals of market stability and policyholder protection. The CAIR MMoU is a formal framework to provide mutual assistance and exchange of information among the regional insurance regulators and I encourage the remaining jurisdictions to reconsider their positions and become signatories to the MMOU.”
The MMoU is a regional framework to facilitate the exchange of information among the regional regulatory authorities (Authorities) to secure compliance with any Laws, Regulations, or Rules relating to the functions and duties of the Authorities in their respective jurisdictions.
Signatories to the MMoU can exchange information that ultimately serves to promote the integrity, efficiency, and financial soundness of the Authorities regulated entities by improving the effective regulation and enhancement of supervision of cross-border operations.
A complete list of regional signatories and a copy of the MMoU can be found here on the CAIR website.