New York State Insurance Department and China Insurance Regulatory Commission (CIRC) instated a memorandum of understanding, the most recent in a series of agreements with foreign countries’ insurance authorities, that encourage cooperation on insurance-related issues.

The agreement enables either office to request and provide relevant information concerning insurance, and supervisory and regulatory responsibilities, while still allowing each office to fulfill its specific regulatory mandates and functions, according to the department. This agreement was announced by Kermitt Brooks, superintendent of the New York department, and Jiang Bo, deputy director general of the international department at CIRC.

“The regulatory agencies of China and New York are responsible for ensuring the prudent conduct of insurer obligations on the part of many of the world’s largest insurance businesses,” Brooks said. “This agreement reflects the intention of both our agencies to work together to continue to achieve that objective on a global basis.”

New York regulators also have coordinated with insurance authorities in the United Kingdom, Japan, Germany, Bermuda, France, Macau and Thailand, and are pursuing agreements with other regulatory authorities, according to the department.