New York State Insurance Superintendent Eric Dinallo and AntoineMantel, France's insurance regulator, announced they have executeda memorandum of understanding allowing for closer cooperationbetween their agencies.

In a statement, the New York State Insurance Department said thememorandum commits the French and New York regulators tocooperating with each other in the interest of fulfilling theirrespective regulatory mandates and functions.

Specifically, the department said the agreement allows thedepartment and the Autorit? de Contr?le des Assurances et desMutuelles, France's regulatory body, to exchange informationrelevant to each authority's supervisory, regulatory andexamination responsibilities.

The department added that, under the memorandum, eitherregulator may request assistance from the other, includingobtaining information on a regulated person or entity. Theregulators may also provide investigative assistance with respectto companies and persons engaged in the business of insurance,including questioning or taking testimony and conductinginspections and investigations.

Mr. Dinallo stressed the increasing need for global regulatorycooperation in today's market, saying, “Insurance companies and themarkets are increasingly global and insurance regulation must keeppace. As has been demonstrated during this financial crisis,international cooperation among regulators is essential to keepingthe industry stable and solvent. This agreement cements our closeties with France and helps ensure policyholder protection in bothour jurisdictions.”

Mr. Mantel added, “Collaboration between French and New YorkState insurance supervisors is a prerequisite for the effectivesupervision of international insurance groups doing business in thetwo jurisdictions. Although there is already a significant flow ofinformation between ACAM and NYSID, this Memorandum ofUnderstanding between our two institutions will greatly enhance thescope for supervisory cooperation.

“It will enable us to broaden the collegial supervision ofseveral trans-Atlantic insurance groups, and help us move towardthe global watch of global insurance groups that the G20 nationsand Financial Stability Forum have urged regulators to set up.”

The state insurance department has entered into similar MoUswith the insurance regulators of the United Kingdom, Germany,Taiwan and Bermuda, and said it is close to executing arrangementswith other regulatory authorities.

Negotiating the agreement for the department were DeputySuperintendent and General Counsel Robert Easton and SupervisingAttorney D. Monica Marsh.

For the ACAM, negotiations were handled by Deputy SecretaryGeneral Cyril Roux and General Counsel Didier Isra?l.