BMA hails vote of confidence’ from US body
Bermuda’s business regulator has linked up with the US National Association of Insurance Commissioners (NAIC) to improve the exchange of information.
The Bermuda Monetary Authority (BMA) has signed a new memorandum of understanding with the association that is expected to boost collaboration on regulation.
BMA CEO Jeremy Cox said: “It’s a tremendous vote of confidence in the value of Bermuda. The US continues to be our largest trading partner and our longstanding collaborative relationship is vital to Bermuda success as a reinsurance and insurance centre.”
He said the BMA’s relationship with the NAIC stretched back 20 years and had been productive and beneficial, adding: “Many NAIC initiatives have shaped how insurance risk is supervised worldwide — and Bermuda has been at the table working with our NAIC colleagues.”
The NAIC is the US standard-setting and regulatory support organisation created and governed by the country’s chief insurance regulators.
The agreement was signed in Chicago at the weekend.
NAIC president Monica Linden said: “Given the importance of Bermuda’s reinsurance community to US companies, we are very excited to sign this co-operative agreement with Bermuda.
“The framework for collaboration allows for the exchange of information that will strengthen both of our insurance markets.”
Bermuda, along with the UK, Germany and Switzerland, was given qualified jurisdiction status by the NAIC at the start of the year, which reduces collateral requirements for Bermuda reinsurers and improve cross-border operations for Island firms with US counterparts.
Mr Cox added: “This is a testament to a longstanding relationship and certainly recognises the trust we both have for our respective jurisdictions.
“I think the work that was done just over a year ago on the qualified jurisdiction approach was very useful.”
Leila Madeiros, senior vice-president of the Association of Bermuda Insurers and Reinsurers (Abir), said: “Abir applauds the BMA in reaching yet another significant milestone in its continued commitment to international co-operation and supervisory collaboration that further enhances policyholder protection and strengthens the global insurance and reinsurance marketplace.”
Bermuda has a network of similar agreements with more than 24 other regulatory bodies around the world.
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