Empire State insurance regulators and their counterparts in Japan have agreed to work more closely together to supervise insurers.
Acting New York State Insurance Superintendent Kermitt Brooks and Tatsuo Yamasaki, a deputy commissioner at the Financial Services Agency of Japan, have entered into an “exchange of letters” agreement.
The agreement allows for closer cooperation on insurance-related issues, officials say.
The agreement “establishes a formal basis for cooperation and coordination between the FSA Japan and the New York State Insurance Department, including for the exchange of information relevant to each authority’s supervisory and regulatory responsibilities,” officials say.
Each agency now can ask the other agency for help with getting information about regulated persons and entities.
The New York department has negotiated similar agreements with the agencies that regulate insurance in Bermuda, France, Germany, Taiwan and the United Kingdom.
The major central banks have asked insurance regulators to work more closely together, to keep a closer eye on multinational insurance groups, Brooks notes.