The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval for the Memorandum of Understanding (MoU) between Insurance Regulatory and Development Authority of India (IRDAI) and the Insurance Authority of United Arab Emirates. The MoU was signed in February, 2016.

The MoU provides for enhanced cooperation between the two authorities in the field of insurance supervision by providing a framework for co-operation such as channels of communication. It will also result in increasing mutual understanding through the exchange of regulatory and relevant supervisory information including confidential information to enforce or ensure compliance with their respective laws and regulations.

Cross-border insurance supervision cooperation enables exchange of confidential regulatory and supervisory information to enforce compliance. A bilateral Memorandum of Understanding creates a framework for regulatory collaboration between the Insurance Regulatory and Development Authority of India and the Insurance Authority of the United Arab Emirates, providing channels of communication and authorising the exchange of regulatory and relevant supervisory information, including confidential information, to support enforcement and ensure compliance with their respective laws and regulations.