The MoU establishes a formal basis for consultation, co-operation and co-ordination between the BaFin and the New York State Insurance Department.
The MoU establishes a formal basis for consultation, co-operation and co-ordination between the BaFin 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.
Under the MoU, either regulator may request assistance from the other, including in obtaining information on a 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 German and New York regulators to cooperating with each other in the interest of fulfilling their respective regulatory mandates and functions.
Press release
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