International cooperation agreement means parties will share information and coordinate on regulation
Florida Insurance Commissioner Kevin McCarty has announced that the Office of Insurance Regulation (Office) and the German Bundesanstalt für Finanzdienstleistungsaufsicht ("BaFin") have signed a Memorandum of Understanding (MOU) formally committing to work together on sharing critical information and coordinating regulatory duties regarding insurance issues that could affect consumers in Germany and the United States, particularly Florida.
This agreement will give each regulatory agency formal authority to request assistance of the other for verification, investigation and examination of issues related to regulated companies under one or the other’s purview. It establishes a formal basis for consultation, cooperation and coordination between the BaFin and the Office, and provides for the exchange of information relevant to each agencies supervisory, regulatory and examination responsibilities.
“Florida’s insurance risk is underwritten in an increasingly global marketplace. Working closely with the BaFin will give us an additional level of coordination and communication for the resolution of issues that could affect insurance consumers in our state,” said Commissioner McCarty. “We always have had a good working relationship and this agreement will strengthen our respective abilities to work together to ensure the viability of insurers and for the protection of our policyholders.”
The BaFin is the German integrated financial regulator, responsible for regulatory oversight in not only the insurance market, but banking and securities as well. As part of its supervisory responsibilities, the BaFin administers the supervision of insurance undertakings as well as pension funds and domestic companies engaging in reinsurance business.
Members of the Office have been regular participants in international organizations of insurance and financial regulators, including the International Association of Insurance Supervisors (IAIS) and insurance group Supervisory Colleges.