Two senior members of the management team at the Bermuda Monetary Authority are to serve as co-vice chairmen within the International Association of Insurance Supervisors.

Craig Swan and Marcelo Ramella will be on committees that have been created as part of a broad IAIS restructure aimed at adapting to emerging needs in global regulation and supervision.

Mr Swan is the BMA’s managing director — supervision (insurance), and he will be co-vice-chairman of the IAIS’ new policy development committee. The committee will largely be responsible for providing standard-setting responses to developments within industry structures, financial markets and business practices, as well as to policyholder needs.

Meanwhile, Dr Ramella will be co-vice-chairman of the new macroprudential committee, which will focus on pursuing the IAIS’s high-level goal to steer and oversee financial stability work, including macroprudential assessment, and the mitigation of systemic risk in the insurance sector and potential policy measures.

Dr Ramella is the BMA’s deputy director, financial stability.

Commenting on the appointments, Jeremy Cox, the BMA’s chief executive officer, said: “Craig and Marcelo’s contributions in working with the IAIS over the years have enabled the BMA to strengthen relationships with insurance supervisors from other countries, and maintain Bermuda’s active and ever critical participation in the development of global insurance standards.

“Their contributions are highly-valued, and I commend them for their efforts and on their new appointments serving on top level committees.”

IAIS is a global standard setting body which promotes effective and globally consistent supervision of the insurance industry. Bermuda was a founding member of the IAIS in 1994. Today, its membership includes insurance regulators and supervisors from more than 200 jurisdictions in nearly 140 countries.