To share information and manage regulatory duties on issues that affect consumers in both the countries
The Florida Office of Insurance Regulation (FOIR) and its counterpart in Germany, have signed a pact to share information and manage regulatory duties on issues that affect consumers in both the countries, reported Business Journal.
The agreement provides regulators the right to request support from one another, on issues related to regulated insurers in the US and Germany. It formalises a system for the agencies to cooperate.
Kevin McCarty, Florida Insurance Commissioner, said: “Florida’s insurance risk is underwritten in an increasingly global marketplace. We always have had a good working relationship, and this agreement will strengthen our respective abilities to work together.”
FOIR is engaged in the regulation, compliance and enforcement of statutes of insurance and monitoring of industry markets.