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New York, NY (CompNewsNetwork) - New York State Insurance Superintendent Eric Dinallo and António José Félix Pontes of the Board of Directors of the Autoridade Monetária de Macau (AMCM), Macau's insurance regulator, today announced the two authorities have executed a memorandum of understanding (MoU) allowing for closer cooperation between the two regulatory bodies. Macau is one of two special administrative regions of the People's Republic of China, Hong Kong being the other.
The MoU establishes a formal basis for consultation, cooperation and coordination between the AMCM and the New York State Insurance Department (NYSID), and provides for the exchange of information relevant to each authority's supervisory, regulatory and examination responsibilities.
"As insurance becomes increasingly globalized, regulators must closely cooperate across national boundaries to ensure the safety of the industry and protect policyholders," Dinallo said. "Macau is a vital, vibrant financial services center in an area of the world that is increasingly central to the international economy. This agreement moves us one step closer to the global watch of global insurance groups the nations of the G20 have urged regulators to set up."
"We strongly believe that effective supervision of insurance groups that span the globe can only be achieved through close cooperation and sharing of information between insurance regulators," Félix Pontes said. "In this context, the AMCM is delighted to execute the cooperation arrangement with the New York State Insurance Department, as it will go a long way in our efforts to enhance prudential supervision of international insurers and insurance groups."
Under the MoU, either regulator may request assistance from the other, including obtaining information on a regulated person or entity. Either regulator may provide the other with investigative assistance with respect to companies and persons engaged in the business of insurance, including questioning or taking testimony and conducting inspections and investigations.
The MoU commits the Macau and New York regulators to cooperating with each other in the interest of fulfilling their respective regulatory mandates and functions.
Recently, the Department entered into similar MoUs with the insurance regulators of the United Kingdom, Germany, Taiwan, Bermuda and France, and is close to executing arrangements with other regulatory authorities.
Negotiating the MoU for the NYSID were Deputy Superintendent and General Counsel Robert Easton and Supervising Attorney D. Monica Marsh. For the AMCM, Hilda Lei, Choi Ho, Deputy Director of Insurance Supervision Department, handled the negotiations.
About the New York State Insurance Department (NYSID)
The NYSID regulates all insurance business transacted in New York State and is the primary regulator for insurance entities domiciled therein. In its capacity as regulator, the NYSID administers, interprets and enforces the provisions of New York's insurance laws and regulations, and is vested and charged with all rights, powers and duties as expressed or reasonably implied by the New York Insurance Law. Entities regulated by the NYSID have assets under management in excess of $4 trillion.
About the Autoridade Monetária de Macau (AMCM)
The ACAM regulates all insurance business transacted in Macau, China and is the regulator for insurance operators domiciled therein. In its capacity as regulator, AMCM is endowed with the powers to guide, supervise and coordinate the insurance market, according to the provision of Macau's insurance laws and regulations.
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