India has signed up to the International Association of Insurance Supervisors’ (IAIS) minimum standards document.

It is the 37th jurisdiction to join the Multilateral Memorandum of Understanding (MMOU), which now covers 54% of worldwide premium.

The memorandum is a global standards framework for insurers that also provides a mechanism for co-operation and information-sharing.

“We are very pleased to welcome India to the MMOU and to see it grow, in fewer than six years, to a tool covering more than half of worldwide premium volume,” IAIS Executive Committee Chairman Peter Braumuller.

Other MMOU signatories include Australia, the UK, Canada, several US states, France, Germany, Hong Kong, Japan and Singapore.