The New York State Insurance Department and the Swiss Financial Market Supervisory Authority (FINMA) have agreed to a memorandum of understanding allowing for closer cooperation between the two regulatory bodies.
The agreement was announced by New York State Insurance Department Superintendent James Wrynn and Dr. Patrick Raaflaub, CEO of FINMA, the government agency responsible for financial regulation in Switzerland. FINMA’s responsibilities include supervising banks, insurance companies, stock exchanges, securities dealers and other financial intermediaries.
“Close cooperation between international regulators is among the most effective ways to regulate global financial services,” Wrynn said.
Under the pact, 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 with respect to companies and persons engaged in the business of insurance.
The New York Insurance Department has already executed similar agreements with insurance regulators in 10 other countries, including Bermuda, China, France, Germany, Japan, and the United Kingdom.
The department said it is in the process of negotiating agreements with regulators in several other countries.
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