New York State
Kermitt J. Brooks Acting Superintendent of Insurance 25 Beaver Street New York, N.Y. 10004
|ISSUED 07/06/2009||FOR IMMEDIATE RELEASE|
Acting New York State Insurance Superintendent Kermitt Brooks and Tatsuo Yamasaki, Deputy Commissioner for International Affairs of the Financial Services Agency of Japan (FSA Japan), today announced that the two regulatory bodies have entered into an Exchange of Letters (EoL) agreement allowing for closer cooperation on insurance-related issues.
The EoL establishes a formal basis for cooperation and coordination between the FSA Japan and the New York State Insurance Department (NYSID), including for the exchange of information relevant to each authority’s supervisory and regulatory responsibilities.
“Japan and New York both have large and thriving insurance industries, and as regulators, we share a strong commitment to policyholder protection and solvency. This requires transnational cooperation in this era of globalization,” Brooks said. “FSA Japan’s regulatory framework of an ‘optimal combination of rules-based and principles-based supervisory approaches’ is very similar to New York’s, and this agreement formalizes our efforts to work together. It moves us another step closer to the global watch of global insurance groups the nations of the G20 urged regulators to set up.”
Under the EoL, either regulator may request assistance from the other, including obtaining information on a regulated person or entity. Either regulator may provide the other with assistance with respect to companies and persons engaged in the business of insurance.
The EoL commits the FSA Japan and the Department to cooperating with each other in the interest of fulfilling their respective regulatory mandates and functions.
Recently, the Department entered into similar agreements with the insurance regulators of the United Kingdom, Germany, Taiwan, Bermuda, France and Macau, and is close to executing arrangements with other regulatory authorities.
Negotiating the EoL for the NYSID were Deputy Superintendent and General Counsel Robert Easton and Supervising Attorney D. Monica Marsh. For the FSA Japan, Deputy Director for International Affairs Nobuyasu Sugimoto handled the negotiations.
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 Financial Services Agency of Japan (FSA Japan)
The FSA Japan is responsible for ensuring the stability of Japan’s financial system, protecting depositors, insurance policyholders and securities investors, and accommodating finance through measures such as planning and policymaking concerning the financial system, inspection and supervision of private sector financial institutions, including insurers, and surveillance of securities transactions.