On December 19, 2011, the head of the Connecticut Insurance Department (the “CID”), Commissioner Thomas Leonardi, announced the signing of a memorandum of understanding (“MoU”) with the German Federal Financial Supervisory Authority (“BaFin”), the governmental body responsible for financial regulation in Germany. Under the MoU, the CID and BaFin may request assistance from one another, including obtaining information on regulated companies and individuals.

Commissioner Leonardi stated, “Mutual supervision is critical to ensure a robust market and to hold carriers accountable to all their policyholders.”  The CID has entered into similar agreements Switzerland and the Netherlands. Additionally, the CID has applied to be a signatory to the International Association of Insurance Supervisors Multilateral Memorandum of Understanding on Cooperation and Information Exchange, which includes 21 non-U.S. jurisdictions.

To view the press release, click here.