New York Regulator Signs Cooperation Agreement with China

The New York State Insurance Department has signed a cooperation agreement with regulators in China calling for closer cooperation between the two agencies in overseeing insurance issues.

Acting Superintendent Kermitt Brooks and Jiang Bo, deputy director general of the International Department of the China Insurance Regulatory Commission (CIRC), announced the agreement this morning.

The agreement includes the exchange of information relevant to the two bodies’ supervisory and regulatory responsibilities.

“The regulatory agencies of China and New York are responsible for ensuring the prudent conduct of insurer obligations on the part of many of the world’s largest insurance businesses,” Brooks said.

Recently, the department has entered into similar agreements with insurance regulators in the United Kingdom, Thailand, Japan, Germany, Bermuda, France and Macau.