The insurance regulators in New York and Germany have recently signed a memorandum of understanding (MoU), which establishes a formal basis for greater co-ordination between the two jurisdictions. The deal, between the Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) and the New York State Insurance Department (NYSID), provides a procedure for making and responding to requests for assistance between the authorities. The NYSID press release and full MoU can be found here.
The agreement between BaFin and the NYSID is the latest in a series of attempts to achieve closer co-operation between EU and US insurance regulators, as we reported here previously.
