New York Regulator Signs Cooperation Agreement with Thailand

The New York State Insurance Department signed an agreement yesterday with regulators in Thailand that calls for increased cooperation between the two in investigating insurance matters.

The agreement formalizes coordination between the two regulatory bodies.

“This agreement between Thailand and New York is important because both of our regulatory organizations share a strong commitment to safeguarding policyholders by ensuring the continued sound, prudent conduct of insurer financial obligations,” said Acting Superintendent Kermitt Brooks.

Chantra Purnariksha, Secretary-General for Thailand’s Office of Insurance Commission, added “the global financial turmoil signifies the need for properly functioning prudential and supervisory systems as well as the need for increased supervisory cooperation,”

Under the agreement, either regulator may request assistance from the other, including obtaining information on a regulated person or entity.

New York regulators have entered into similar agreements with insurance regulators in the United Kingdom, Japan, Germany, Taiwan, Bermuda, France and Macau.

Source: New York State Insurance Department