Australia has entered a formal agreement to exchange information and co-operate with other insurance supervisors around the world.

Australian Prudential Regulation Authority (APRA) Executive Member John Trowbridge signed the International Association of Insurance Supervisors’ (IAIS) multilateral memorandum of understanding at the association’s annual conference in Brazil at the weekend.

He says Australia is now part of a better legal framework for co-operation and information exchange with other insurance supervisors.

APRA says the memorandum supplements its information-sharing arrangements with 19 other financial services regulators.