On Tuesday, October 29, 2009, New York State Insurance Department (“NYSID”) Superintendent James Wrynn announced that the NYSID entered into a Memorandum of Understanding (“MoU”) with the Superintendencia del Sistema Financiero de El Salvador (“SSF”), El Salvador’s insurance regulator. The MoU formalizes the procedure for consultation, cooperation and coordination between the NYSID and the SSF, and allows each regulatory authority to obtain and share information about regulated persons and entities.
According to Superintendent Wrynn, “This agreement is important because it 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.”
As we reported here and here, the NYSID has entered into similar cooperation agreements with France, Germany, Japan, the Bermuda Monetary Authority, China, Macau, Taiwan, Thailand and the United Kingdom over the past year.