Bermuda was hosting a group of international regulators this week for meetings of the Capital and Solvency Working Group of the International Association of Insurance Supervisors.

The CSWG is a body of technical experts responsible for developing and testing global capital standards for the insurance industry. The group was instrumental in the development of the Insurance Capital Standard, a comprehensive global standard for internationally active insurance groups.

The ICS is a globally comparable, risk-based measure of capital adequacy formally adopted by the IAIS last December.

The standard helps to ensure that international insurance groups maintain sufficient capital to withstand potential stresses and protect policyholders. It also provides a consistent and transparent framework for supervisors to evaluate the financial soundness of insurance groups.

At the time the standard was established, there were 59 IAIGs identified by group-wide supervisors from 18 jurisdictions across the globe. The IAIS noted on its website: “These are often complex groups operating across multiple jurisdictions and regions, which amplifies the importance of having a common language for solvency supervision.”

On the sidelines of the two-day meetings in Bermuda which ended yesterday, the Association of Bermuda Insurers and Reinsurers welcomed delegates to its O’Hara House headquarters for a light reception overlooking the Whale Tales fountain.

Abir said the guests were able to enjoy Bermuda’s late-September sunshine while networking with industry leaders.

“Abir is pleased to welcome a group of international insurance supervisors … to enjoy a light reception, the beautiful September weather, and the Whale Tales Fountain,” the association said in a LinkedIn statement, adding its thanks to the Bermuda Monetary Authority for convening the meeting on island.

Since the inception of the IAIS in 1994, the BMA has always been directly involved with the organisation as one of its founding members.

The IAIS is the global standard-setting body for insurance supervision, with members from more than 200 jurisdictions representing 97 per cent of the world’s insurance premiums. Its mission is to promote effective and consistent oversight of the insurance sector to help ensure fair, safe and stable markets for policyholders while contributing to financial stability.