On September 23, 2011, the head of the Connecticut Insurance Department (the "CID"), Commissioner Thomas Leonardi, announced the signing of a memorandum of understanding ("MoU") with the Swiss Financial Market Supervisory Authority ("FINMA"), the governmental body responsible for financial regulation in Switzerland. Under the MoU, the CID and FINMA may request assistance from one another, including obtaining information on regulated companies and individuals.
In announcing the MoU, Commissioner Leonardi stated, "The insurance industry is an international one and continues to expand its global reach. Regulating it cannot stop at the border and must be looked at in its totality. This commitment will allow Connecticut and Swiss regulators to work effectively together and ensure market stability for consumer protection." To view the press release, click here.
Commissioner Leonardi also indicated that the CID is party to a similar cooperation agreement with Dutch regulators, that it has a similar agreement pending with German regulators, and that it has applied to be a signatory to the International Association of Insurance Supervisors Multilateral Memorandum of Understanding on Cooperation and Information Exchange, which currently includes 17 non-U.S. jurisdictions.