Florida, German Insurance Regulators Sign Cooperation Pact

Florida Insurance Commissioner Kevin McCarty announced that the Office of Insurance Regulation and the German Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin) have agreed to work together on sharing and coordinating regulatory duties regarding insurance issues that could affect consumers in Germany and the U.S., particularly Florida.

This agreement — officially known as a Memorandum of Understanding– gives each regulatory agencyauthority to request assistance of the other for verification, investigation and examination of issues related to regulated companies under one or the other’s purview.

“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,” said McCarty.

The BaFin is the German integrated financial regulator, responsible for regulatory oversight in not only the insurance market, but banking and securities as well.

Source: Florida Office of Insurance Regulation