A new agreement between Connecticut insurance regulators and their counterparts in Switzerland is bigger and more serious than a sister-city affiliation -- when a U.S. town links with one in another country for a cultural exchange.
In the case of the Connecticut Insurance Department and the Swiss Financial Market Supervisory Authority, a new memorandum of will allow the two parties to work together in regulating insurers. A memorandum of understanding between the two is the formal basis for cooperation and coordination, including investigative assistance and the exchange of information, said Donna Tommelleo, the insurance department's spokeswoman.
"The insurance industry is an international one and continues to expand its global reach," said Connecticut Insurance Commissioner Thomas B. Leonardi. "Regulating it cannot stop at the border and must be looked at in its totality. This commitment will allow Connecticut and Swiss regulators to work effectively together and ensure market stability for consumer protection."
Connecticut has a similar agreement with a counterpart in the Netherlands -- De Nederlandsche Bank, N.V., -- and another agreement is pending with the Germany Federal Financial Supervisory Authority (BaFin). The department also applied to be a part of the International Association of Insurance Supervisors Multilateral Memorandum of Understanding on Cooperation and Information Exchange. The group allows regulators in different countries to work together in overseeing insurers, and it has 17 jurisdictions though none of them are U.S. regulators. In the U.S., insurance regulators are state-based and Connecticut is one of at least two states that have applied to be a part of the exchange.
International agreements between regulators could help ensure that insurers with operations on both sides of the Atlantic are solvent. Swiss Re and Munich Re are examples of companies that have a presence in Europe and Connecticut.
Leonardi announced the agreement with Swiss regulators Friday as he and Gov. Dannel P. Malloy were among key speakers at the University of Connecticut Law School forum on international insurance regulation.
Source: http://blogs.courant.com/connecticut_insurance/2011/09/connecticut-insurance-regulato-1.html
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With many insurance regulators joining forces for better insurance services and industry market, this will help to a more efficient and more organized systems in the financial and insurance sector. health insurance ce
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