New York State Insurance Superintendent Eric Dinallo and Matthew Elderfield, CEO of the Bermuda Monetary Authority (BMA), Bermuda's financial regulator, have signed a memorandum of understanding (MoU) allowing for closer cooperation between the two regulatory bodies. The mandates of both agencies include insurance regulation. The MoU establishes a formal basis for consultation, cooperation and coordination between BMA and the New York State Insurance Department (NYSID), and provides for the exchange of information relevant to each authority's supervisory, regulatory and examination responsibilities.
Under the MoU, either regulator may request assistance from the other, including obtaining information on a regulated person or entity. 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.
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 Department entered into similar MoUs with the insurance regulators of Germany and Taiwan, and is close to executing arrangements with other regulatory authorities.
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