On Wednesday, June 22, 2011, New York State Insurance Department (“NYSID”) Superintendent James Wrynn announced that the NYSID entered into a Memorandum of Understanding (“MoU”) with the Financial Market Supervisory Authority (“FINMA”), Switzerland’s financial regulator.  The MoU formalizes the procedure for consultation, cooperation and coordination between the NYSID and FINMA, and allows each regulatory authority to obtain and share information about regulated persons and entities.

According to Superintendent Wrynn, “The Insurance Department is proud to execute this agreement with FINMA because it will allow both regulators to closely cooperate to promote the growth of robust, solvent financial services and markets and safeguard the interests of policyholders, creditors, investors and other stakeholders and the financial services industry as a whole.”

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

Click here to read the NYSID press release.