The Pennsylvania Insurance Department has signed an agreement to exchange a broad array of information with the Office of the Comptroller of the Currency.
The OCC is the federal regulator of 2,600 national banks and 66 federal branches and agencies of foreign banks in the United States.
“As the financial-services industry becomes more global, diversified and sophisticated, we must be willing to develop strong and lasting relationships with our fellow regulators,” Commissioner Diane Koken said. “This agreement memorializes that relationship with the OCC and, at the same time, charts our course for the interagency consultation required by the Gramm-Leach-Bliley Act.
“This agreement calls for sharing information on financial solvency, insurance activities and consumer-complaint information. Our goal is twofold: consumer protection and the efficient regulation of financial services.”
Commissioner Koken added that the agreement protects any confidential information shared. This agreement requires that the sharing of information will go both ways.
The Insurance Department will forward complaint and enforcement information to the OCC on insurance entities affiliated with a national bank, and the OCC will copy the Insurance Department on any complaints or enforcement actions it takes on a state-regulated entity.
In addition to agreements with the federal banking regulators, Commissioner Koken meets regularly with Pennsylvania’s Banking Secretary and Securities Commissioners to address regulatory issues of mutual concern. Commissioner Koken also leads many of the National Association of Insurance Commissioners’ efforts regarding the uniformity and efficiency of insurance regulation.
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