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New York To Work With German Regulators

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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.

Under the memorandum, either authority can ask the other for help with getting information about individuals or entities.

“Either regulator may provide the other with investigative assistance with respect to companies and persons engaged in the business of insurance, including questioning or taking testimony and conducting inspections and investigations,” officials say.

A number of large life insurers and reinsurers have operations both in New York and in Germany.