NU Online News Service, Sept. 27, 11:34 a.m.EDT

The Connecticut Insurance Department (CID) and the SwissFinancial Market Supervisory Authority (FINMA) have signed amemorandum of understanding (MoU) to allow for closer regulatorycooperation between the two agencies.

As a result of the agreement, the CID notes, both regulatoryagencies may request assistance from the other, including obtaininginformation on a regulated company or individual.

Connecticut Insurance Commissioner Thomas B. Lionardi says, "Theinsurance industry is an international one and continues to expandits global reach. Regulating it cannot stop at the border and mustbe looked at in its totality. This commitment will allowConnecticut and Swiss regulators to work effectively together andensure market stability for consumer protection."

The CID has a similar memorandum of understanding with DeNederlandsche Bank, N.V, the financial regulator for theNetherlands and has another agreement pending with the GermanyFederal Financial Supervisory Authority (BaFin). The CID says ithas also applied to be a signatory to the International Associationof Insurance Supervisors Multilateral Memorandum of Understandingon Cooperation and Information Exchange, which currently includes17 non-U.S. jurisdictions.

Other state insurance departments have entered similararrangements in recent years. For example, the Florida Office ofInsurance Regulation has entered into MoUs with the Bermuda Monetary Authority, the UnitedKingdom's Financial Services Authority and BaFin.

The New York State Insurance Department has entered into MoUswith the China Insurance Regulatory Commission, and withthe insurance regulators of the United Kingdom, Thailand, Japan,Germany, Bermuda, France and Macau.