On Monday, July 20, 2009, Acting New York State Insurance Department (“NYSID”) Superintendent Kermitt Brooks announced that the NYSID entered into a Memorandum of Understanding (“MoU”) with the Office of Insurance Commission (“OIC”), Thailand’s insurance regulator.  The MoU formalizes the procedure for consultation, cooperation and coordination between the NYSID and the OIC, and allows each regulatory authority to obtain and share information about regulated persons and entities.

According to Acting Superintendent Brooks, “This agreement formalizes the efforts of our two organizations to work together, consistent with the G20 nations’ request for regulators to monitor global insurance operations more closely.”  Chantra Purnariksha, Secretary-General of the OIC, stated, “The global financial turmoil signifies the need for properly functioning prudential and supervisory systems as well as the need for increased supervisory cooperation.  This MoU between NYSID and OIC is a timely response to the current financial situation.” 

 
As we reported here and here, the NYSID has entered into similar cooperation agreements with France, Germany, Japan, the Bermuda Monetary Authority, Macau, Taiwan and the United Kingdom over the past year.

Click here to read the NYSID press release.