The Government reported today on the Financial Policy Council’s 28th meeting on April 11, hosted at the Bermuda Monetary Authority.

The FPC is an advisory body supported by the BMA and the Ministry of Finance and is scheduled to convene its next meeting on July 24.

The council’s role is to assess possible threats to Bermuda’s financial stability and to identify policies and actions to mitigate or eliminate such threats.

The FPC also advises the Government on the development of the financial stability framework in Bermuda, and makes policy recommendations designed to support the general economic and financial wellbeing of the country.

The meeting at the BMA was attended in person and by teleconference.

A government statement said: “It was the first meeting for new FPC deputy chair Jill May as she works with Sir Andrew Large to hand over deputy chair responsibilities.

“The meeting hosted the first roundtable with the Bermuda-based international long term insurance sector, which benefited from the participation of senior members of Bermuda International Long Term Insurers and Reinsurers, the formal association representing the long-term insurers and reinsurers in Bermuda.

“The purpose of the roundtables is to address specific sectoral risks and opportunities facing Bermuda in a complex and fast-moving international context which could be relevant to financial stability, and to foster mutual understanding on issues of concern to both insurers and government.

“At the roundtable, participants discussed a wide range of matters, from the steep growth experienced by the global long-term insurance sector to new products and structures, as well as the role played by Bermuda-based long-term insurers in contributing to addressing the protection gap brought about by demographic and socio-economic developments worldwide.

“Biltir and FPC members agreed on the value of maintaining open and fluid dialogue and looked forward to holding more roundtables in the future.

“FPC members discussed recent regulatory and supervisory developments in Bermuda’s international [insurance and] reinsurance sector.

“Discussions addressed recent enhancements to Bermuda’s regulatory framework for life reinsurers, including the publishing of a number of BMA studies on the sector, along with enhanced regulatory and supervisory measures taken.

“The BMA’s international engagement on the matter was commended. It was agreed that enhanced communications and increased collaboration between the Ministry of Finance and the BMA on this matter would be beneficial.”

Members also discussed recent developments in Bermuda’s planning for crisis management, recovery and resolution in the banking and insurance sectors, including the creation of a unified resolution authority for Bermuda.

Developments under way were discussed in the context of ensuring that the resolution authority would have the appropriate powers to move quickly to contain a crisis.

The statement said: “FPC members reviewed key risks to Bermuda’s financial stability. They discussed a wide range of issues, in particular the geopolitical environment and its impact on market volatility and uncertainty. Members also discussed developments in international tax.

“Members discussed the status of the implementation of the recommendations made under the Financial Policy Council Review, which was undertaken in 2023.

“Finally, the FPC would like to extend its sincere gratitude to Sir Andrew Large for his exceptional service as vice chair and his foundational role in the establishment and development of Bermuda’s FPC.

“Over the past decade, Sir Andrew’s thoughtful counsel and deep expertise have been invaluable in helping Bermuda navigate a complex global landscape with sound and proactive financial policy. We thank Sir Andrew Large and wish him every success in his future endeavours.”

Members of the FPC are: chairman David Burt, ex officio the Minister of Finance, BMA CEO Craig Swan and financial secretary Chidozie Ofoego.

External members are Jill May (deputy chair), Dame Amelia Fawcett, Stephen Catlin, Gil Tucker and DeLisle Worrell.