On Tuesday, March 31, 2009, New York State Insurance Department (“NYSID”) Superintendent Eric Dinallo announced that the NYSID entered into a Memorandum of Understanding (“MoU”) with the Autoridade Monetária de Macau (“AMCM”), Macau’s insurance regulator. Macau is a special administrative region of China, similar to Hong Kong. The MoU formalizes the procedure for consultation, cooperation and coordination between the NYSID and the AMCM, and allows each regulatory authority to obtain and share information about regulated persons and entities.
According to Superintendent Dinallo, “Macau is a vital, vibrant financial services center in an area of the world that is increasingly central to the international economy. This agreement moves us one step closer to the global watch of global insurance groups the nations of the G20 have urged regulators to set up.” As we reported, the NYSID has entered into similar MoUs with France Germany, the Bermuda Monetary Authority, Taiwan and the United Kingdom over the past year.