The Bermuda Monetary Authority signed a Memorandum of Understanding (MOU) with the Florida Office of Insurance Regulation (FLOIR) on September 22. This is the latest in a number of such agreements that the Authority has signed to formalise existing working cooperation with its regulatory counterparts overseas.
Matthew Elderfield, Chief Executive Officer of the Authority and Kevin McCarty, Florida Insurance Commissioner, signed the MOU. The agreement takes immediate effect and establishes a formal basis for consultation, cooperation and coordination between the Authority and the FLOIR, including the exchange of information relevant to each agency’s supervisory, regulatory and examination responsibilities in relation to insurance companies of mutual interest.
On signing the agreement, Matthew Elderfield said: “We are very happy to be building on our existing history of cooperation with our colleagues at the Florida Office of Insurance Regulation by establishing this MOU. The Bermuda reinsurance market provides a critically significant level of support to Florida-based insurers. The MOU means we can assist each other on supervisory matters involving companies of common interest within our respective markets. Taking such actions is in the ultimate interests of policyholders and supports overall stability in the insurance market.”
For his part, Commissioner McCarty added, “Just as we work closely with other state regulators in this country to monitor company solvency and implement consumer protections, we must also increase our cooperation with our international counterparts. As we observed during the downturn in our economy a year ago, America’s insurance markets are systemically intertwined with those of other countries.”
According to data published by the Association of Bermuda Insurers and Reinsurers, Bermuda’s reinsurers paid USD22bn to rebuild the US Gulf and Florida coasts from the hurricane seasons of 2004 and 2005, and Bermuda carriers currently provide more than 60% of the hurricane reinsurance in Florida and Texas.
By establishing the MOU, both regulatory bodies formally express their willingness to cooperate with each other in the interest of fulfilling their respective regulatory mandates and functions. The MOU also covers procedures for the regulators to both request and provide investigative assistance, where appropriate, with respect to companies and individuals conducting insurance business in Bermuda and Florida.
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