Two bills which allow for the restructuring of Bermuda's Monetary Authority (BMA) were passed by the Upper House Wednesday with little debate.

Government Senator Patrice Parris said the Bermuda Monetary Authority Amendment Act (No. 2) and the Insurance Amendment (No. 2) would move the office of the Supervisor of Insurance into corporate structure of the BMA.

Sen. Parris said restructuring was being undertaken as a result of the various overseas reviews Bermuda's financial services sector has undergone in recent years including the KPMG Review.

The new structure of the BMA would see two new posts created, she added - a Supervisor of Banking, Trusts and Investment and a Chief Executive Officer (CEO).

Sen. Parris said the BMA will now be comprised of 11 people - four from Financial Services, four members of the Insurance Advisory Committee, the Supervisor of Insurance, the Supervisor of Banking, Trusts and Investment and the CEO.

The CEO will also act as the Chairman of the Board, she added.

Opposition UBP Senators supported the two bills but, Sen. Kim Swan suggested the new BMA structure might have allowed for two posts - Chairman of the Board and CEO - rather than having one person fill both roles.

Senate President Alfred Oughton suggested the dual role might cause a personal internal conflict if called upon, as Chairman of the Board, to judge their own performance as CEO.

Sen. Parris said however that in drafting the legislation, Government had compared several models.

She said the UK model similarly allows the Chairman of the Board and CEO roles to be filled by the same person. And she said the position of non-executive member of the board was intended to ensure the CEO/Chairman is fulfilling the objectives of the BMA board.