Florida Office of Insurance Regulation Signs Information-Sharing Agreement with German Counterpart
Jun 22, 2009
The Florida Office of Insurance Regulation (“OIR”) announced today, June 22, that it has signed an information-sharing agreement with its German counterpart to coordinate insurance regulatory oversight issues affecting both countries, as well as those relative to Florida. To view a copy of the Memorandum of Understanding between the two agencies, click here.
The OIR press release on the agreement is reprinted below.
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Florida Office of Insurance Regulation and German Regulator Sign International Cooperation Agreement
TALLAHASSEE – Florida Insurance Commissioner Kevin McCarty today announced that the Office of Insurance Regulation (Office) and the German Bundesanstalt für Finanzdienstleistungsaufsicht (“BaFin”) have signed a Memorandum of Understanding (MOU) formally committing to work together on sharing critical information and coordinating regulatory duties regarding insurance issues that could affect consumers in Germany and the United States, particularly Florida.
This agreement will give each regulatory agency formal authority to request assistance of the other for verification, investigation and examination of issues related to regulated companies under one or the other’s purview. It establishes a formal basis for consultation, cooperation and coordination between the BaFin and the Office, and provides for the exchange of information relevant to each agencies supervisory, regulatory and examination responsibilities.
“Florida’s insurance risk is underwritten in an increasingly global marketplace. Working closely with the BaFin will give us an additional level of coordination and communication for the resolution of issues that could affect insurance consumers in our state,” said Commissioner McCarty. “We always have had a good working relationship and this agreement will strengthen our respective abilities to work together to ensure the viability of insurers and for the protection of our policyholders.”
The BaFin is the German integrated financial regulator, responsible for regulatory oversight in not only the insurance market, but banking and securities as well. As part of its supervisory responsibilities, the BaFin administers the supervision of insurance undertakings as well as pension funds and domestic companies engaging in reinsurance business.
Members of the Office have been regular participants in international organizations of insurance and financial regulators, including the International Association of Insurance Supervisors (IAIS) and insurance group Supervisory Colleges.
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