Officials in the Empire State and a European country have agreed to cooperate in efforts to supervise insurers.
New York State Insurance Superintendent Eric Dinallo and Dr. Thomas Steffen, chief executive director of insurance supervision for Germany’s financial regulator the Bundesanstalt f?r Finanzdienstleistungsaufsicht, have signed a memorandum of understanding.
The memorandum calls for closer cooperation between the 2 insurance regulatory authorities, officials say.
The memorandum establishes the procedures BaFin and the New York department can use to share information.