Insurance Regulators From New York and El Salvador Sign Cooperation Arrangement

NEW YORK, NY (10/29/2009)(readMedia)-- Superintendents James Wrynn and Victor Antonio Ramirez today announced that the New York State Insurance Department (NYSID) and the Superintendencia del Sistema Financiero de El Salvador (SSF) have entered into a Memorandum of Understanding (MoU) allowing for closer cooperation on insurance-related issues.

The MoU establishes a formal basis for cooperation and coordination between the two regulatory bodies, including for the exchange of information relevant to each authority's supervisory and regulatory responsibilities.

"El Salvador and New York share a strong commitment to protecting policyholders by ensuring the sound and prudent conduct of insurer financial obligations. This agreement is important because it formalizes the efforts of our two organizations to work together, consistent with the G20 nations' request for regulators to monitor global insurance operations more closely," Wrynn said.

"The signing of this MoU demonstrates the commitment of the NYSID and the SSF to the Insurance Core Principles issued by the International Association of Insurance Supervisors (IAIS). Through this MoU, we seek mutual cooperation and an exchange of information to facilitate the performance of our responsibilities and promote in our jurisdictions a transparent, sound and solid insurance industry," Ramirez said.

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 assistance with respect to companies and persons engaged in the business of insurance.

The MoU commits the SSF and the Department to cooperating with each other in the interest of fulfilling their respective regulatory mandates and functions.

Recently, the Department entered into similar agreements with the insurance regulators of the United Kingdom, Japan, Germany, Taiwan, Bermuda, France, China, Macau and Thailand, 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 SSF, Ana Margoth Arvalo, head of the International Relations Department, handled the negotiations.

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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 Superintendencia del Sistema Financiero de El (SSF)

The SSF is the primary regulator and supervisor of the insurance business in El Salvador. In addition, SSF is responsible for regulating and supervising financial conglomerates, banks, non-bank financial institutions, exchange house, government credit institutions and other financial services.

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