The Australian Securities and Investments Commission (ASIC) has become a signatory to an international agreement that boosts cooperation among insurance regulators.

International Association of Insurance Supervisors (IAIS) Executive Committee Chair Vicky Saporta says the group is pleased to welcome ASIC as a signatory to the memorandum, which helps foster safer and more stable insurance markets.

“As we have experienced over the past years of social and economic challenges, there are enormous benefits to the global insurance sector when supervisors are able to cooperate quickly and effectively across jurisdictions,” she said.

The IAIS Multilateral Memorandum of Understanding has more than 80 members, accounting for more than three quarters of the global insurance sector, measured by gross written premium.

ASIC Chair Joe Longo says the agreement strengthens the regulator’s ability to work with international supervisors, with cooperation critically important to promoting effective supervision and protecting consumers in Australia.

Existing signatories include the Australian Prudential Regulation Authority, the Reserve Bank of New Zealand, the UK Financial Conduct Authority, a number of US state-based regulators and organisations in Europe, the Middle East, Asia and South Africa.