Insurance regulators in both jurisdictions have formalised their cooperation agreement
New York State Insurance Superintendent Eric Dinallo and Matthew Elderfield, chief executive officer of the Bermuda Monetary Authority (BMA),
New York state insurance regulators have signed a memorandum of understanding (MoU) with Bermuda's financial regulator. The agreement is meant to allow for closer cooperation between the two regulatory bodies.
The MoU establishes a formal basis for cooperation between the Bermuda Monetary Authority (BMA) and the New York State Insurance Department (NYSID), and provides for the exchange of information.
‘In light of the increasing globalization of insurance markets, regulators need to cooperate with one another in order to provide proper oversight and protection,’ said New York State Insurance Superintendent Eric Dinallo.
‘Bermuda and New York are among the leading centers of the insurance industry, and our willingness to cooperate as evidenced in this arrangement demonstrates our commitment to effective regulation. Indeed, we have recently been working together to protect AIG policyholders worldwide, and this arrangement formalizes the coordination and cooperation between us.’
‘We are very pleased to have established this MOU with our colleagues at the NYSID. The BMA has already had a long-standing history of cooperation with the NYSID team. We have worked effectively together on matters involving insurance firms of mutual interest to our respective jurisdictions,’ said Matthew Elderfield, chief executive officer of the BMA.
‘We look forward to building on our existing positive working relationship with Eric and his team with this new agreement.’
The MoU commits the Bermuda and New York regulators to cooperating with each other in the interest of fulfilling their respective regulatory mandates and functions.
Recently, the New York entered into similar MoUs with the insurance regulators of Germany and Taiwan.