The National Association of Insurance Commissioners (“NAIC”) Signs Memorandum of Understanding With Centrale Bank van Curacao en Sint Maarten
Dec 23, 2011
The National Association of Insurance Commissioners issued the following news release on December 22, 2011:
Agreement Enhances Global Regulatory Cooperation
WASHINGTON, D.C. (Dec. 22, 2011) – The National Association of Insurance Commissioners (NAIC) today posted a Memorandum of Understanding (MOU) with the Centrale Bank van Curacao en Sint Maarten. The MOU was signed by NAIC President and Iowa Insurance Commissioner Susan E. Voss, and Dr. E.D. Tromp, President of Centrale Bank van Curacao en Sint Maarten.
The MOU is designed to help insurance supervisors in both countries maintain efficient, fair, safe and stable insurance markets for the benefit and protection of policyholders. This agreement further enhances the NAIC’s relationships globally, as regulators around the world have supervisory responsibility for international insurance carriers. The MOU provides a framework for cooperation, increased mutual understanding, the exchange of information and technical assistance.
The NAIC currently has 13 MOUs on regulatory cooperation, including signed agreements with Thailand, Hong Kong, Korea, Iraq, Egypt, Russia, Brazil and ASSAL (Association of Latin American Insurance Supervisors). The NAIC also has agreed to a model MOU on information exchange between EU supervisors and U.S.-led supervisors of insurance group members with transatlantic operations.
Click HERE to view the MOU.