Premier backs regulators and life market
David Burt, the Premier and Finance Minister, has backed the island’s life reinsurance industry and island regulators in an interview this month with the Financial Times.
During the meeting with the FT at their offices in London, there was a discussion of the difficulties faced by a Bermuda-based reinsurer.
The publication said Mr Burt made the point that not all problems can be prevented, but how you deal with them was what mattered.
The report continued: “Burt, who also serves as Finance Minister, highlighted work by the Bermuda Monetary Authority, the financial regulator, to crack down on connected-party investments in the wake of problems at 777 Re.”
The Premier highlighted Bermuda’s “strong and robust regulatory system” and how the Bermuda Monetary Authority worked with international regulators towards mutual satisfaction.
He expressed more concern for increased risks from jurisdictions without Bermuda’s level of regulatory supervision.
The FT said: “The self-governing territory’s financial sector is deemed as having equivalent or reciprocal status with European and US solvency rules.”
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