The insurance regulators of New York and Bermuda announced today they had signed an agreement allowing for cooperation between their organizations. Both said the need for the pact had been underscored by the financial turmoil at American International Group.
Signing the memorandum of understanding were New York State Insurance Superintendent Eric Dinallo and Matthew Elderfield, chief executive officer of the Bermuda Monetary Authority.
The memorandum, it was explained, establishes a formal basis for consultation, cooperation and coordination between BMA and the New York State Insurance Department (NYSID) and provides for the exchange of information relevant to each authority's supervisory, regulatory and examination responsibilities.
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