On Tuesday, July 21, 2009, the head of the Florida Office of Insurance Regulation (“FLOIR”), Commissioner Kevin McCarty, announced the signing of a memorandum of understanding (“MoU”) with the United Kingdom Financial Services Authority (“FSA”), the United Kingdom’s regulator responsible for regulatory oversight of the insurance, banking and securities markets.
The MoU provides (i) a formal basis for consultation, cooperation and coordination between the FLOIR and the FSA and (ii) for the formal exchange of information relevant to each organization’s supervisory, regulatory and examination responsibilities. Under the MoU, either regulator may request assistance from the other in obtaining information about regulated persons and entities in their respective jurisdictions. Such assistance would include the questioning, taking testimony, and inspection of companies and persons engaged in the business of insurance.
In announcing the MoU, Mr. McCarty stated, “The longstanding link between Florida and the U.K. insurance market is one of the key facets of our marketplace. In our increasingly volatile globalized market, a proactive approach to regulatory cooperation is critical for our responsibilities regarding the monitoring of financial solvency and general policyholder protection.”
As we previously reported here, the FLOIR entered into a similar MoU with the regulator of Germany.