This week, the head of the Florida Office of Insurance Regulation (“FLOIR”), Commissioner Kevin McCarty, announced the signing of a memorandum of understanding (“MoU”) with the German Bundesanstalt für Finanzdienstleistungsaufsicht (“BaFin”), Germany’s integrated financial 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 BaFin and (ii) for the exchange of relevant information 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, “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.”
As we previously reported here, the New York Insurance Department has entered into several similar international cooperation agreements with regulators of the United Kingdom, Bermuda, Germany, Taiwan and Macau.