On Saturday, December 5, 2009, the National Association of Insurance Commissioners (“NAIC”) announced that U.S. insurance regulators entered into a Memorandum of Understanding (“MoU”) with the Agencia Nacional de Saude Suplementar (ANS), Brazil’s Insurance regulator for Health Plans and Health Insurance, during the NAIC Winter Meeting. The MoU formalizes the procedure for consultation, cooperation and coordination between the U.S. insurance regulators and the ANS, and allows for the sharing of information about regulated persons and entities.
New Hampshire Insurance Commissioner and NAIC President Roger Sevigny stated “With increased market activity in health plans, this mutual cooperation will improve the effectiveness in the administration of these plans and enforcing laws to protect consumers.”
According to the NAIC, this marks “the 11th such MoU the NAIC has reached with other countries on regulatory cooperation and the second with Brazil.” The NAIC is also currently in negotiations with Chinese Taipei to enter into a similar MoU.
