New York State
Kermitt J. Brooks Acting Superintendent of Insurance 25 Beaver Street New York, N.Y. 10004
|ISSUED JULY 20, 2009||FOR IMMEDIATE RELEASE|
Acting New York State Insurance Superintendent Kermitt Brooks and Chantra Purnariksha, Secretary-General for Thailand’s Office of Insurance Commission (OIC), today announced that the New York State Insurance Department (NYSID) and OIC have entered into a Memorandum of Understanding (MoU) allowing for closer cooperation on insurance-related issues.
The MoU establishes a formal basis for cooperation and coordination between the two regulatory bodies, including for the exchange of information relevant to each authority’s supervisory and regulatory responsibilities.
“This agreement between Thailand and New York is important because both of our regulatory organizations share a strong commitment to safeguarding policyholders by ensuring the continued sound, prudent conduct of insurer financial obligations,” Brooks said. “This agreement 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.”
“The global financial turmoil signifies the need for properly functioning prudential and supervisory systems as well as the need for increased supervisory cooperation,” Purnariksha said. “This MoU between NYSID and OIC is a timely response to the current financial situation. It represents both parties’ joint efforts to cooperate and assist each other and will bring about mutual benefits and improved supervision of the insurance industry.”
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 assistance with respect to companies and persons engaged in the business of insurance.
The MoU commits the OIC 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, Japan, Germany, Taiwan, Bermuda, France and Macau, 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 OIC, Atthaphon Phibunthanaphatthana, Executive Director of the International Affairs Department, and Sanisa Navanugraha, Insurance Officer, handled the negotiations.
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.
The OIC is responsible for regulating and supervising all licensed insurance companies and insurance intermediaries in Thailand. The OIC, established in September 2007, reports to the Minister of Finance.