The government on Wednesday approved a memorandum of understanding (MoU) to enhance cooperation between India's insurance regulator and Insurance Authority of United Arab Emirates (UAE).
The decision was taken by the union cabinet which was chaired by Prime Minister Narendra Modi.
"The Union Cabinet has given its ex - post facto approval for the MoU between Insurance Regulatory and Development Authority of India (IRDAI) and the Insurance Authority of United Arab Emirates, " a cabinet statement said.
"The MoU was signed in February, 2016. "
According to the statement, 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, " the statement added.