Seeking closer cooperation on insurance-related matters, regulators in New York and El Salvador have signed a memorandum of understanding between their two jurisdictions.

In the latest agreement between the state and international governments, New York State Insurance Commissioner James J. Wrynn and Victor Antonio Ramirez, commissioner of the Superintendencia del Sistema Financiero de El Salvador (SSF), signed the document, establishing a formal basis for cooperation and coordination, including the exchange of information relevant to each authority’s supervisory and regulatory responsibilities.

James J. Wrynn

“El Salvador and New York share a strong commitment to protecting policyholders by ensuring the sound and prudent conduct of insurer financial obligations,” Wrynn said in a statement. “This agreement is important because it formalizes the efforts of our two organizations to work together, consistent with the G20 nations’ request for regulators to monitor global insurance operations more closely.”

Ramirez added that the document “demonstrates the commitment” of both agencies to the Insurance Core Principals issued by the International Association of Insurance Supervisors.

“Through this [agreement], we seek mutual cooperation and an exchange of information to facilitate the performance of our responsibilities and promote in our jurisdictions a transparent, sound and solid insurance industry,” Ramirez said.

Either regulator may request assistance from the other under the agreement, including information on a regulated person or entity and can provide one another with assistance with respect to companies and persons engaged in the business of insurance.

In the last year, the NYSID has entered similar agreements with insurance regulators in the United Kingdom, Japan, Germany, Taiwan, Bermuda, France, China, Macau and Thailand, and is close to executing arrangements with other regulatory authorities.