NU Online News Service, July 29, 10:36 a.m.EDT
|The New York State Insurance Department and the China InsuranceRegulatory Commission have signed a memorandum of understanding, itwas announced.
|Under the agreement, according to the New York agency, eitherregulator may request assistance from the other–including obtaininginformation on a regulated person or entity–and either regulatormay provide the other with assistance with respect to companies andpersons engaged in the business of insurance.
|"The regulatory agencies of China and New York are responsiblefor ensuring the prudent conduct of insurer obligations on the partof many of the world's largest insurance businesses," said actingNew York Insurance Superintendent Kermitt Brooks. "This agreementreflects the intention of both our agencies to work together tocontinue to achieve that objective on a global basis."
|The New York Insurance Department has entered into similararrangements with the insurance regulators of the United Kingdom,Thailand, Japan, Germany, Bermuda, France and Macau.
|The Florida Office of Insurance Regulation has also signedmemorandums of understanding with Germany and the UnitedKingdom
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