The Bermuda Monetary Authority has signed a Memorandum of Understanding with the European Insurance and Occupational Pensions Authority.

The MoU provides the framework for regular exchanges of information, and sets forth the basis for further co-operation and increased mutual understanding in view of ensuring optimal supervision for insurance and reinsurance groups with international activities in the European Union and Bermuda.

EIOPA will support BMA’s participation in the activities of European supervisory colleges formed by the competent authorities of the European Union when a Bermudian insurance undertaking is concerned.

Similarly, BMA is committed to supporting EIOPA’s participation in BMA’s supervisory colleges where European insurance or reinsurance undertakings are concerned.

Gabriel Bernardino, chairman of EIOPA, said: “This Memorandum of Understanding not only formalises and strengthens the ongoing co-operation between the two supervisory authorities, it is also an important step in reinforcing the effectiveness of insurance supervision globally.”

Jeremy Cox, CEO of Bermuda Monetary Authority, said: “BMA is very pleased to formalise the collaborative relationship with EIOPA which has developed over the past several years. This framework for official collaboration will strengthen both of our insurance markets and reveals the increasing global significance of Bermuda.”