New York and German Regulators Sign Insurance Pact

Insurance officials in New York and Germany have inked a deal to work together and more closely share regulatory information.

The agreement is the basis for a memorandum of understanding signed yesterday by New York Insurance Superintendent Eric Dinallo and Thomas Steffen, chief executive director of insurance supervision for Germany’s financial regulator.

The agreement establishes a formal basis for consultation, cooperation and coordination between officials in New York and Germany, and provides for the exchange of information relevant to each authority’s supervisory, regulatory and examination responsibilities.

“In an increasingly global insurance market, regulators often work together to ensure policyholders are protected and the market is safe and vibrant,” Dinallo said in a statement issued by his office. “This agreement recognizes the importance of the relationship between Germany and New York and allows us to cooperate to protect consumers and support the industry.”

Added Steffen: “Today we have laid an important foundation for an improved informational infrastructure between supervisors which will benefit consumers, insurance undertakings and the overall financial stability (of the market).”