IMF Endorses Bermuda's Financial Services Regulation
The Bermuda Monetary Authority (BMA) has been praised in a report produced
by the International Monetary Fund (IMF) assessing the regulator's progress
in developing, and implementing, a risk-focused approach to supervision within
the island's financial institutions. The BMA’s CEO Matthew Elderfield released a statement to the press welcoming
the report from the IMF as “a confirmation of the high standards of regulation
in Bermuda”. He added: “It’s pleasing to see that Bermuda is formally recognised
as being highly observant of international insurance standards. The IMF acknowledges
that Bermuda is a leading insurance jurisdiction and has the regulation to match.” Bermuda was identified as a ‘significant player in the global insurance
market’ with over 1,400 registered (re)insurance companies, 92% (1,312)
of which were active at the end of 2005: comprising of 1,135 general, 100 composite,
77 long-term insurers, and 19 domestic insurers. “However, even this favourable assessment is somewhat out of date and
the Authority has been pushing forward with further enhancements to our solvency
rules for both insurers and banks,” Elderfield concluded. Bermuda is assessed by the IMF twice a year; the next report will be published in
April 2009. .
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