NU Online News Service, June 22, 3:43 p.m. EDT
The Florida Office of Insurance Regulation has signed a Memorandum of Understanding with Germany's integrated financial regulator, the Bundesanstalt f?r Finanzdienstleistungsaufsicht (BaFin).
Under the memorandum, the Florida Office and BaFin have committed to work together on sharing information and coordinating regulatory duties regarding insurance issues that could affect consumers in Germany and the United States, particularly Florida, Florida Insurance Commissioner Kevin McCarty explained in a statement.
"Florida's insurance risk is underwritten in an increasingly global marketplace. Working closely with the BaFin will give us an additional level of coordination and communication for the resolution of issues that could affect insurance consumers in our state," said Mr. McCarty.
"We always have had a good working relationship, and this agreement will strengthen our respective abilities to work together to ensure the viability of insurers and for the protection of our policyholders," he added.
Specifically, the OIR said the agreement will give each regulatory agency formal authority to request assistance of the other for verification, investigation and examination of issues related to regulated companies under one or the other's purview. It also establishes a formal basis for consultation, cooperation and coordination between the BaFin and the OIR.
The agreement represents the first international MoU for Florida, according to OIR spokesman Ed Domansky.
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