BMA hosts bilateral talks with NAIC
Top officials from Bermuda Monetary Authority hosted the leading US insurance regulators’ organisation on the island.
It was the first bilateral meeting between the BMA and National Association of Insurance Regulators since the two organisations signed a memorandum of understanding (MoU) in August 2015 in Chicago.
Insurance is regulated in the US at a state level and the NAIC is the American standard-setting and regulatory support organisation created and governed by the country’s chief insurance regulators from the 50 US states, the District of Columbia and five US territories.
The US is the largest insurance market in the world and the biggest source of business to the island’s insurance and reinsurance industry. Since the start of 2015, Bermuda has enjoyed full Qualified Jurisdiction status from the NAIC, allowing island firms to reinsure US risks on a non-discriminatory basis.
Jeremy Cox, chief executive officer of the BMA, said: “Maintaining open and frank dialogues between national regulators is a vital component of supervision today. We look forward to meeting the NAIC again here soon in what we hope will be a biennial visit.”
Ted Nickel, NAIC president-elect and Wisconsin Insurance Commissioner, said: “The relationship between Bermuda and US insurance regulators is critical. Our semi-annual dialogues help reinforce areas where we are working together, which is important given the role Bermuda’s reinsurers play in protecting US policyholders.
“In recognition of the strength of Bermuda’s regulatory framework, Bermuda was one of the first countries to be deemed an NAIC Qualified Jurisdiction, resulting in reduced collateral requirements for insurers selling policies in the US.”
In a statement, the BMA said “regulatory developments of mutual importance to both the US and Bermuda were discussed”.
These developments included Bermuda’s Solvency II equivalence work and ongoing efforts; alternative risk transfer mechanisms; approaches to mortgage insurance and reinsurance; group capital calculations; principles-based reserving and cybersecurity.
Important work being conducted at key international standard-setting bodies, such as the International Association of Insurance Supervisors’ Supervisory Forum, and the development of International Capital Standards, was also discussed.
Also in attendance were: Julie Mix McPeak, NAIC vice-president and commissioner, Tennessee Department of Commerce & Insurance; Rashmi Sutton, international relations analyst, NAIC; Craig Swan, managing director, supervision; Shauna MacKenzie, director, policy, legal and enforcement; Yvette Pierre, assistant director, policy; and Natalie Stevenson, assistant director, international affairs.
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