Florida Office of Insurance Regulation Signs International Cooperation Agreement with Mexican Counterpart
Sep 28, 2010
The Florida Office of Insurance Regulation (“OIR”) announced today, September 28, 2010, that it has signed a Memorandum of Understanding (“MOU”) with its Mexican counterpart, the Insurance and Surety National Commissioner of the United Mexican States. The MOU will coordinate regulatory actions affecting insurers and consumers in Florida and Mexico and allow the agencies to exchange information in a confidential manner.
To access the MOU, click here.
The OIR has signed similar agreements with counterparts in Bermuda, Germany and the United Kingdom.
An OIR news release on this matter is reprinted below.
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Florida Office of Insurance Regulation and Mexico Sign International Cooperation Agreement
TALLAHASSEE, Fla. – Florida Insurance Commissioner Kevin McCarty today announced the Office of Insurance Regulation (Office) and the Insurance and Surety National Commissioner of the United Mexican States (CNSF) signed a Memorandum of Understanding (MOU). The MOU establishes a formal basis for both parties to work together to share critical information, while maintaining confidentiality. Additionally, the agreement coordinates regulatory activities affecting insurers, consumers and other regulated entities in Mexico and Florida.
This agreement follows similar Office MOUs with the United Kingdom’s Financial Services Authority, Bermuda regulators, and Germany’s regulator (BaFin) earlier this year.
Although the Office and CNSF have worked together in the past, this agreement will give each regulatory agency a formal procedure for cooperation and coordination. It provides for the exchange of information relevant to each agency’s supervisory, regulatory and examination responsibilities and, where appropriate, investigative assistance with insurance companies and intermediaries.
“It is imperative, in a global economy, to share information and resources regarding insurance companies selling international products,” said Florida Insurance Commissioner Kevin McCarty. “We observed during the downturn of our economy a year ago, America’s insurance markets are systemically intertwined with those of other countries.”
“This provides an important supervisory tool to continue developing sound markets and to maintain financial stability in an increasingly global environment.” said Mr. Manuel Aguilera, President of the CNSF.
Several Office representatives participate in international insurance and financial regulatory associations including the International Association of Insurance Supervisors, the Joint Forum, and the insurance group Supervisory Colleges.
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