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NY and China Insurance Regulators Sign Cooperation Arrangement

Source: NYSID

Posted on 29 Jul 2009

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Acting New York State Insurance Superintendent Kermitt Brooks and Jiang Bo, Deputy Director General of the International Department of the China Insurance Regulatory Commission (CIRC), announced that the CIRC and the New York State Insurance Department (NYSID) have entered into a Memorandum of Understanding (MoU) allowing for closer cooperation on insurance-related issues.

The MoU establishes a formal basis for cooperation and coordination between the two regulatory bodies, including for the exchange of information relevant to each authority’s supervisory and regulatory responsibilities.

“The regulatory agencies of China and New York are responsible for ensuring the prudent conduct of insurer obligations on the part of many of the world’s largest insurance businesses. This agreement reflects the intention of both our agencies to work together to continue to achieve that objective on a global basis,” Brooks said.

Under the MoU, either regulator may request assistance from the other, including obtaining information on a regulated person or entity. Either regulator may provide the other with assistance with respect to companies and persons engaged in the business of insurance.

The MoU commits the CIRC and the Department to cooperating with each other in the interest of fulfilling their respective regulatory mandates and functions.

Recently, the Department entered into similar agreements with the insurance regulators of the United Kingdom, Thailand, Japan, Germany, Bermuda, France and Macau, and is close to executing arrangements with other regulatory authorities.

Negotiating the MoU for the NYSID were Deputy Superintendent and General Counsel Robert Easton and Supervising Attorney D. Monica Marsh. For the CIRC, Deputy Director Liu Zhifu and Section Chief Huo Hongqiang handled the negotiations.