Florida Office of Insurance Regulation and Mexico Sign International Cooperation Agreement
– Florida Insurance Commissioner Kevin McCarty today announced the Office of Insurance Regulation (Office) and the Insurance and Surety National Commissioner of the United Mexican States (CNSF) signed a Memorandum of Understanding
(MOU). The MOU establishes a formal basis for both parties to work together to share critical information, while maintaining confidentiality. Additionally, the agreement coordinates regulatory activities affecting insurers, consumers and other regulated entities in Mexico and Florida.
This agreement follows similar Office MOUs with the United Kingdom's Financial Services Authority, Bermuda regulators, and Germany's regulator (BaFin) earlier this year.
Although the Office and CNSF have worked together in the past, this agreement will give each regulatory agency a formal procedure for cooperation and coordination. It provides for the exchange of information relevant to each agency’s supervisory, regulatory and examination responsibilities and, where appropriate, investigative assistance with insurance companies and intermediaries.
"It is imperative, in a global economy, to share information and resources regarding insurance companies selling international products," said Florida Insurance Commissioner Kevin McCarty. "We observed during the downturn of our economy two years ago, America’s insurance markets are systemically intertwined with those of other countries."
"This provides an important supervisory tool to continue developing sound markets and to maintain financial stability in an increasingly global environment." said Mr. Manuel Aguilera, President of the CNSF.
Several Office representatives participate in international insurance and financial regulatory associations including the International Association of Insurance Supervisors, the Joint Forum, and the insurance group Supervisory Colleges.