To work together on sharing critical information and co-ordinating regulatory duties about insurance issues affecting consumers in the UK and the US
Florida Office of Insurance Regulation (Office) and the UK Financial Services Authority (FSA) have signed a Memorandum of Understanding (MOU). They would work together on sharing critical information and co-ordinating regulatory duties about insurance issues, that could affect consumers in the UK and US.
This agreement follows a similar MOU the Office entered into with the German regulator BaFin on June 22. This will give each regulatory agency formal authority to request assistance of the other for verification, investigation and examination of issues related to regulated companies under one or the other’s purview.
It establishes a formal basis for consultation, co-operation and co-ordination between the FSA and the Office, and it provides for the exchange of information relevant to each agency’s supervisory, regulatory and examination responsibilities.
The Florida Office of Insurance Regulation has primary responsibility for regulation, compliance and enforcement of statutes related to the business of insurance and the monitoring of industry markets.