Empire State officials will be working more closely with their counterparts in the United Kingdom to monitor insurers.
New York State Insurance Superintendent Eric Dinallo and Hector Sants, chief executive officer of the United Kingdom Financial Services Authority, have executed a memorandum of understanding “allowing for closer cooperation.”
The memorandum sets formal rules for sharing information and other resources.
The memorandum gives the New York department and the FSA the right to ask each other for information about regulated persons and entities, officials say.
Each agency can take testimony, conduct inspections and conduct investigations to help the other agency, officials say.
The New York department has negotiated similar memorandums with the agencies that regulate insurance in Germany, Taiwan and Bermuda.
The department “is close to executing arrangements with other regulatory authorities,” New York department officials say.