The California Department of Insurance said it has signed a memorandum of understanding with German insurance regulators, the first the state has signed with a foreign country.
Insurance Commissioner Steve Poizner announced Monday that the department signed the memorandum with Bundesanstalt f?r Finanzdienstleistungsaufsicht (BaFin), Germany's regulator.
"Consumers in California and Germany will be better protected with this agreement in place," said Mr. Poizner in a statement. "Our insurance industries will be better served, too."
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