New York insurance regulators have signed an agreement with their Thai counterparts

The New York State Insurance Department (NYSID) and Thailand's Office of Insurance Commission (OIC) have signed a memorandum of understanding allowing for closer cooperation on insurance-related issues.

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

The supervisors agreed to share information on any individual or company engaged in the business of insurance.

It follows the G20 nations' request for regulators to monitor global insurance operations more closely.

Chantra Purnariksha, secretary-general of the OIC said: ‘This memorandum is a timely response to the current financial situation. It represents both parties' joint efforts to cooperate and assist each other and will bring about mutual benefits and improved supervision of the insurance industry.’

Recently, the New York regulator has signed agreements with insurance regulators from the United Kingdom, Japan, Germany, Taiwan, Bermuda, France and Macau. NYSID said it was close to closing similar deals with other regulatory authorities.