The Bermuda Monetary Authority (BMA) has launched a series of sessions and workshops for the insurance sector, designed to promote awareness and understanding of impending regulatory changes.
The BMA is in the process of implementing what its CEO Jeremy Cox calls an "enhanced regulatory framework" for the insurance industry, in line with developments in global regulatory standards. Bermuda is shortly due to implement a round of supervisory measures announced by the BMA as part of its work to achieve regulatory equivalence for Bermuda’s insurance regime with Europe’s Solvency II Directive.
In response to what Cox recognizes as representing significant change, "not only for ourselves as Bermuda’s regulator, but also for the market", the BMA launched on April 5 a series of awareness sessions and technical workshops in order to effect a smooth transition to the new regime. The first round of information sessions are to coincide with the BMA's introduction of its new supervisory initiatives.
According to Cox, the outreach initiatives were established "to support firms as they seek to remain engaged with us throughout the transition process and adapt their operations", and should "also assist firms with being in the best position to ensure they are compliant with the new standards the Authority is implementing."
Moreover, the BMA is also promoting dialogue through the development of an online question and answer resource, soon to be accessible through its website. This will make available fact sheets on key elements of the BMA's changes to the country's supervisory regime. It will be updated regularly as further amendments are made, and be expanded in due course to cover all financial sectors under its remit.
Cox believes that: "By working with [the] industry to achieve a mutually beneficial result, the Authority is maintaining an approach that is consistent with the Bermudian way of conducting business.”
A comprehensive report in our Intelligence Report series which studies the 20 main offshore jurisdictions which offer captive insurance regimes is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report11.aspTags: law | offshore | insurance | Bermuda | standards | regulation | Bermuda
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