NU Online News Service, July 29, 10:36 a.m. EDT
The New York State Insurance Department and the China Insurance Regulatory Commission have signed a memorandum of understanding, it was announced.
Under the agreement, according to the New York agency, either regulator may request assistance from the other–including obtaining information on a regulated person or entity–and either regulator may provide the other with assistance with respect to companies and persons engaged in the business of insurance.
"The regulatory agencies of China and New York are responsible for ensuring the prudent conduct of insurer obligations on the part of many of the world's largest insurance businesses," said acting New York Insurance Superintendent Kermitt Brooks. "This agreement reflects the intention of both our agencies to work together to continue to achieve that objective on a global basis."
The New York Insurance Department has entered into similar arrangements with the insurance regulators of the United Kingdom, Thailand, Japan, Germany, Bermuda, France and Macau.
The Florida Office of Insurance Regulation has also signed memorandums of understanding with Germany and the United Kingdom
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