New York State
Kermitt J. Brooks Acting Superintendent of Insurance 25 Beaver Street New York, N.Y. 10004
|ISSUED 7/28/2009||FOR IMMEDIATE RELEASE|
Acting New York State Insurance Superintendent Kermitt Brooks and Jiang Bo, Deputy Director General of the International Department of the China Insurance Regulatory Commission (CIRC), today announced that the CIRC and the New York State Insurance Department (NYSID) 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.
“The regulatory agencies of China and New York are responsible for ensuring the prudent conduct of insurer obligations on the part of many of the world’s largest insurance businesses. This agreement reflects the intention of both our agencies to work together to continue to achieve that objective on a global basis,” Brooks said.
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 CIRC 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, Thailand, Japan, Germany, 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 CIRC, Deputy Director Liu Zhifu and Section Chief Huo Hongqiang 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 China Insurance Regulatory Commission (CIRC)
The CIRC is a ministerial institution directly under the State Council of the People’s Republic of China. The CIRC is authorized by the State Council to conduct administration, supervision and regulation of the Chinese insurance market to ensure the proper operation, legality and stable development of the insurance industry.