On Monday, July 6, 2009, Acting New York State Insurance Department (“NYSID”) Superintendent Kermitt Brooks announced that the NYSID entered into an Exchange of Letters (“EoL”) with the Financial Services Agency of Japan (“FSA”), Japan’s insurance regulator. The EoL formalizes the procedure for consultation, cooperation and coordination between the NYSID and the FSA, and allows each regulatory authority to obtain and share information about regulated persons and entities.
According to Acting Superintendent Brooks, “Japan and New York both have large and thriving insurance industries, and as regulators, we share a strong commitment to policyholder protection and solvency. This requires transnational cooperation in this era of globalization. . . . [The EoL] moves us another step closer to the global watch of global insurance groups the nations of the G20 have urged regulators to set up.” As we reported here and here, the NYSID has entered into similar cooperation agreements with France, Germany, the Bermuda Monetary Authority, Macau, Taiwan and the United Kingdom over the past year.