New York, Bermuda Sign Regulatory Working Pact

Insurance regulators in New York and Bermuda have agreed to closer cooperation in overseeing insurance matters.

New York State Insurance Superintendent Eric Dinallo and Matthew Elderfield, chief executive officer of the Bermuda Monetary Authority (BMA), Bermuda’s financial regulator, signed an agreement under which either regulator may request assistance from the other, including obtaining information on a regulated person or entity. Either regulator may provide the other with investigative assistance, including questioning or taking testimony and conducting inspections.

“In light of the increasing globalization of insurance markets, regulators need to cooperate with one another in order to provide proper oversight and protection,” Dinallo said. “Bermuda and New York are among the leading centers of the insurance industry, and our willingness to cooperate… demonstrates our commitment to effective regulation. Indeed, we have recently been working together to protect AIG policyholders worldwide, and this arrangement formalizes the coordination and cooperation between us.”