Noting the globalization of the insurance industry, New York Insurance Superintendent Eric Dinallo has signed an agreement with Macau to enhance cooperation among regulators.

Macau is one of two special administrative regions of the People’s Republic of China; Hong Kong is the other.

The agreement, signed with António José Félix Pontes of the board of directors of the Autoridade Monetária de Macau (AMCM), Macau’s insurance regulator, establishes a formal basis for consultation, cooperation and coordination between the two insurance bureaus. It also calls for the exchange of information relevant to each authority’s supervisory, regulatory and examination responsibilities, according to Dinallo’s office.

Eric Dinallo

“As insurance becomes increasingly globalized, regulators must closely cooperate across national boundaries to ensure the safety of the industry and protect policyholders,” Dinallo said in a statement. “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.”

Pontes echoed Dinallo’s sentiments about insurance spanning the globe and said his office “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.”

The agreement allows either regulator to request assistance from the other, including for investigations with respect to companies and persons conducting insurance business.

New York’s insurance department has entered into similar agreements with regulators in the United Kingdom, Germany, Taiwan, Bermuda and France, and continues to discuss arrangements with other regulatory authorities, officials said.