BMA joins NAIC’s qualified jurisdiction process
The Bermuda Monetary Authority has accepted an invitation to participate in the US National Association of Insurance Commissioners' qualified jurisdiction process.
The National Association of Insurance Commissioners (NAIC) said the BMA is the first insurance supervisory authority to agree to participate in the NAIC Process.
Adopted by the NAIC in August 2013, the process was developed to evaluate the reinsurance supervisory systems of non-US jurisdictions for reinsurance collateral reduction purposes.
“The BMA welcomes the invitation to participate in the NAIC's Qualified Jurisdiction Process,” said Jeremy Cox, BMA chief executive officer.
“We would like to thank the NAIC for allowing us to participate in this groundbreaking opportunity, which will undoubtedly bring significant benefit to our respective jurisdictions.”
Michael F Consedine, chair of the NAIC Reinsurance Task Force and Pennsylvania Insurance Commissioner, added: “The NAIC is deeply appreciative of the BMA's interest in participating in this process, as well as its contributions in developing our approach.
“It is the NAIC's goal to complete the expedited review process prior to the end of the year, and have the BMA included on the NAIC List of Qualified Jurisdictions effective for January 1, 2014.”
The NAIC posted a public notice on its website with respect to the BMA's participation in the Process. Interested parties may submit comments regarding the NAIC's consideration of the BMA by the close of business Friday, October 18, 2013.
NAIC is the US standard-setting and regulatory support organisation created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five US territories.