New York State
Eric R. Dinallo Superintendent of Insurance 25 Beaver Street New York, N.Y. 10004
|ISSUED 12/02/2008||FOR IMMEDIATE RELEASE|
NEW YORK, FRENCH INSURANCE REGULATORS SIGN COOPERATION ARRANGEMENT
New York State Insurance Superintendent Eric Dinallo and Antoine Mantel of the Autorité de Contrôle des Assurances et des Mutuelles (ACAM), France’s insurance regulator, today announced the two authorities have executed a memorandum of understanding (MoU) allowing for closer cooperation between the two regulatory bodies.
The MoU establishes a formal basis for consultation, cooperation and coordination between the ACAM and the New York State Insurance Department (NYSID), and provides for the exchange of information relevant to each authority’s supervisory, regulatory and examination responsibilities.
“Insurance companies and the markets are increasingly global and insurance regulation must keep pace,” Dinallo said. “As has been demonstrated during this financial crisis, international cooperation among regulators is essential to keeping the industry stable and solvent. This agreement cements our close ties with France and helps ensure policyholder protection in both our jurisdictions.”
“Collaboration between French and New York State insurance supervisors is a prerequisite for the effective supervision of international insurance groups doing business in the two jurisdictions,” Mantel said. “Although there is already a significant flow of information between ACAM and NYSID, this Memorandum of Understanding between our two institutions will greatly enhance the scope for supervisory cooperation. It will enable us to broaden the collegial supervision of several transatlantic insurance groups, and help us move towards the global watch of global insurance groups that the G20 nations and Financial Stability Forum have urged regulators to set up.”
Under the MoU, 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, including questioning or taking testimony and conducting inspections and investigations.
The MoU commits the French and New York regulators to cooperating with each other in the interest of fulfilling their respective regulatory mandates and functions.
Recently, the Department entered into similar MoUs with the insurance regulators of the United Kingdom, Germany, Taiwan and Bermuda, and is close to executing arrangements with other regulatory authorities.
Negotiating the MoU for the NYSID were Deputy Superintendent and General Counsel Robert Easton and Supervising Attorney D. Monica Marsh. For the ACAM, negotiations were handled by Deputy Secretary General Cyril Roux and General Counsel Didier Israël.
About the New York State Insurance Department (NYSID)
The NYSID regulates all insurance business transacted in New York State and is the primary regulator for insurance entities domiciled therein. In its capacity as regulator, the NYSID administers, interprets and enforces the provisions of New York’s insurance laws and regulations, and is vested and charged with all rights, powers and duties as expressed or reasonably implied by the New York Insurance Law. Entities regulated by the NYSID have assets under management in excess of $4 trillion.
About the Autorité de Contrôle des Assurances et des Mutuelles (ACAM)
The ACAM is an independent public authority which supervises all insurance business transacted in France and is the primary regulator for French and non-EU insurance entities domiciled therein. In its capacity as supervisory authority, the ACAM enforces the provisions of France’s insurance laws and regulations, set out in the insurance code, mutuality code and social security code and is vested and charged with all rights, powers and duties as expressed or reasonably implied by the said codes. The c.1500 entities regulated by the ACAM have assets under management of c. €1.7 trillion.
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