New York State Insurance Superintendent Eric Dinallo signed a memorandum of understanding today with a German regulator, designed to allow closer cooperation between their two jurisdictions on insurance matters.

The signing process for the 14-page document was transacted without fanfare in Mr. Dinallo's Manhattan office with Thomas Steffen, chief executive director of insurance supervision, signing for Germany's financial regulator, the Bundesanstalt f?r Finanzdienstleistungsaufsicht (BaFin).

A spokesman for Mr. Dinallo, Ron Klug, said German officials had approached the New York department about the agreement several months ago because of Mr. Dinallo's continuing efforts to ease collateral requirements for foreign reinsurers who transact U.S. business.

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