On Tuesday, July 28, 2009, Acting New York State Insurance Department (“NYSID”) Superintendent Kermitt Brooks announced that the NYSID entered into a Memorandum of Understanding (“MoU”) with the International Department of the China Insurance Regulatory Commission (“CIRC”), China’s insurance regulator. The MoU formalizes the procedure for consultation, cooperation and coordination between the NYSID and the CIRC, and allows each regulatory authority to obtain and share information about regulated persons and entities.
According to Acting Superintendent Brooks, “This agreement reflects the intention of both our agencies to work together to continue to [ensure the prudent conduct of insurer obligations] on a global basis.”
As we reported here, the NYSID has entered into similar cooperation agreements with France, Germany, Japan, the Bermuda Monetary Authority, Macau, Taiwan, Thailand and the United Kingdom over the past year.