To fulfill their regulatory mandates and functions by exchanging information concerning supervisory and regulatory responsibilities

New York State Insurance Department (NYSID) and Thailand’s Office of Insurance Commission (OIC) have signed an MOU that enables co-operation on insurance-related issues – reported in Insurance & Financial Advisor.

The agreement binds the two organizations so that they may help each other to fulfill their regulatory mandates, and function by exchanging information concerning supervisory and regulatory responsibilities. Each regulator may request and provide information or assistance from the other about insurance activities.

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

According to OIC, the global financial breakdown signifies the need for properly functioning prudential and supervisory systems, as well as the need for increased supervisory cooperation. It represents both parties’ joint efforts to co-operate and assist each other and is expected to bring about mutual benefits and improved supervision of the insurance industry.