Bermuda’s financial regulator has hosted a series of meetings of the International Association of Insurance Supervisors for the first time in two years.

Marco Ramella, the deputy director for policy and research at the Bermuda Monetary Authority, said: “The authority participates in numerous IAIS working group meetings around the world but is very pleased to have once again hosted the events here in Bermuda.

“Taking part in IAIS meetings enables us to further strengthen relationships with insurance supervisors from other countries.

“It is vitally important that Bermuda actively participates in the development of global standards and having this type of meeting take place in Bermuda, as opposed to elsewhere in the world, brings a qualitatively different dimension to the authority’s role in global insurance supervision.”

The three meetings, held in February and this month, involved the Index-Based Insurance Drafting Group, the Macroprudential Surveillance and Reinsurance Expert Team and Macroprudential Policy and Surveillance Working Group.

The IAIS, of which Bermuda is a founding member, was set up to crate global standards to promote effective and consistent supervision of the insurance industry to promote fair, safe and stable insurance markets.