New York Signs Regulatory Agreement with El Salvador

The New York Insurance Department has signed a cooperation agreement with its counterpart in El Salvador, the latest in a string of similar agreements with insurance regulators in foreign countries.

The agreement calls for increased cooperation on insurance-related issues between the department and the Superintendencia del Sistema Financiero de El Salvador (SSF), which regulates El Salvador’s insurance industry. Under the agreement, the two agencies will share information relevant to each others supervisory and regulatory roles.

“El Salvador and New York share a strong commitment to protecting policyholders by ensuring the sound and prudent conduct of insurer financial obligations,” said Superintended James Wrynn. “This agreement is important because it formalizes the efforts of our two organizations to work together, consistent with the G20 nations’ request for regulators to monitor global insurance operations more closely.”

Over the last several years, New York regulators have entered into similar agreements with the insurance regulators of the United Kingdom, Japan, Germany, Taiwan, Bermuda, France, China, Macau and Thailand.