Nebraska is the third U.S. state to sign an international agreement to improve the flow of confidential information among government agencies that regulate insurance.
Bruce Ramge, director of the State Department of Insurance, said signing the agreement with the International Association of Insurance Supervisors, based in Basel, Switzerland, will provide “a valuable tool for the department’s coordination and communications.”
Connecticut, Washington and 33 foreign countries have signed the memorandum, agreeing to exchange confidential information about insurance companies and executives doing business in their jurisdictions. The signers, mostly in Europe, the Middle East and Asia, regulate 52 percent of the world’s insurance volume.
Nebraska is particularly interested in international insurance policy because it has adopted favorable tax rates on premiums and other regulatory policies that encourage insurance companies to locate their official headquarters in the state, resulting in dozens of companies that are “domiciled” in the state.
Ramge said many of those insurance companies have growing international businesses. In the past, his office had to sign separate agreements for every Nebraska company that was starting to do business in a foreign country. The same was true of foreign companies wanting to operate in Nebraska.
Now the signers of the memorandum can exchange information freely, trusting that each will keep the information confidential and giving insurance companies more confidence to operate across national borders, Ramge said.
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