NU Online News Service, Apr. 2, 10:03 a.m. EDT
The New York State Insurance Department and the Autoridade Monet?ria de Macau- Macau's insurance regulator – have reached a memorandum of understanding which will allow for closer cooperation between the two regulators.
The New York department's announcement said Macau is one of two special administrative regions of the People's Republic of China, with Hong Kong being the other.
The memo "commits the Macau and New York regulators to cooperating with each other in the interest of fulfilling their respective regulatory mandates and functions," according to the department.
More specifically, the department said the memo establishes a formal basis for consultation, cooperation and coordination between the Macau and the New York, and provides for the exchange of information relevant to each authority's supervisory, regulatory and examination responsibilities.
New York Superintendant Eric Dinallo said in a statement, "As insurance becomes increasingly globalized, regulators must closely cooperate across national boundaries to ensure the safety of the industry and protect policyholders."
He added, "Macau is a vital, vibrant financial services center in an area of the world that is increasingly central to the international economy. This agreement moves us one step closer to the global watch of global insurance groups the nations of the G20 have urged regulators to set up."
The New York department has entered into similar memorandums of understanding with the insurance regulators of the United Kingdom, Germany, Taiwan, Bermuda and France, and said it is close to executing arrangements with other regulatory authorities.
Negotiating the agreement for the department were Deputy Superintendent and General Counsel Robert Easton and Supervising Attorney D. Monica Marsh.
Hilda Lei, Choi Ho, deputy director of Insurance Supervision Department, handled the negotiations for the Macau agency.
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