Add Florida to the list that already includes Australia, Canada, Singapore, Switzerland, as the 55th jurisdiction to agree and be admitted to the International Association of Insurance Supervisors Multilateral Memorandum of Understanding. In the US, Michigan, Connecticut, Nebraska, California, and Pennsylvania preceded Florida. The MMoU was established in 2007 with a mission to provide a global framework to share, meet and confer among supervisors in the insurance industry.
MMoU has two goals:
- Promote Financial Stability and
- Ensure sound supervision of cross border insurance operations for the benefit and protection of consumers.
Since Florida is the 4th largest insurance market in the US, this is a significant gain for the association.
Florida joined the MMoU as a signatory earlier this year when Kevin McCarty was Florida’s Insurance Commissioner. When McCarty was asked about Florida being added as a signatory to the MMoU he explained, “this agreement strengthens our ability to work co-operatively with the other supervisors and enhance our ability to monitor large cross-border insurers that are essential to the growth if our economy.”
Florida is not a new member of the International Association of Insurance and Kevin McCarty spent many years as the Vice Chair of the Executive Committee. In June, Julie Mix McPeak was selected to succeed Kevin McCarty as Vice Chair. In order to keep well-informed on IAIS and MMoU you can read their monthly newsletter here.