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Bermuda To Enhance Insurance Sector Regulation,
by Phillip Morton, Investors Offshore.com
Wednesday, April 08, 2009
The Bermuda Monetary Authority (BMA) has published three market communications
that propose specific initiatives designed to further enhance Bermuda’s
regulatory framework for the insurance sector. These documents are: a report
entitled ‘Bermuda’s Insurance Solvency Framework – The Roadmap
to Mutual Recognition’; a discussion paper on Groups Supervision; and
a consultation paper on guidance for Special Purpose Insurers.
Matthew Elderfield, CEO of the Authority said: “The series of documents
published on March 31 show that Bermuda is continuing to develop a leading international
regulatory framework for insurance. Coming shortly after EU agreement on the
Solvency II directive, our initiatives demonstrate that the Bermuda regulatory
framework is keeping pace with international developments and that Bermuda is
on-track for regulatory equivalence with Europe. This means Bermuda-based firms
are in a position to operate globally without regulatory barriers, due to the
high standards that are being put in place.”
“The authority is working towards an important objective of achieving
mutual recognition (or regulatory equivalence) for Bermuda’s regulatory
framework in key international markets, with a particular emphasis on insurance
regulation,” underlined Elderfield
‘Bermuda’s Insurance Solvency Framework – The Roadmap to
Mutual Recognition’ details the authority’s work plan toward this
goal.
“We have already made significant progress towards the goal of enhancing
our regime and ensuring regulatory equivalence with our key trading partners,
however considerable work remains to be done. Our Roadmap provides details of
the initiatives the authority will undertake over the next couple of years to
complete our work,” commented Elderfield.
The authority is also proposing to implement group-wide supervision for insurance
groups operating within Bermuda.
The discussion paper - Implementing Group-wide Supervision - released on March
31 for industry comment, highlights the critical issues the authority would
be considering for inclusion in its proposals, such as determining the lead
supervisor for a group, the calculation of group solvency, the treatment of
intra-group transactions, eligible capital, reporting requirements, group corporate
governance and risk management. The scope of group-wide supervision will apply
to Class 4 and Class 3B re/insurers.
“Our discussion paper provides the authority’s contribution to
the growing debate on group supervision,” Elderfield said. Adding: “Recent
market events have highlighted the importance of assessing risk at a group level.
The authority already has a program of supervisory colleges in place and is
now setting out its proposals to require Bermuda’s large commercial insurance
firms to be subject to group supervision.”
The consultation paper on guidance for Special Purpose Insurers (SPI) also
published on March 31 is designed to provide clarity as to the minimum prudential
requirements for the new SPI class that was introduced in legislation in 2008,
noted the BMA.
“The authority recognizes the importance of ensuring that the regulatory
framework in Bermuda allows market innovation by being sufficiently flexible
and responsive to new developments, subject to appropriate minimum prudential
standards. The SPI guidance sets out our thinking for the ground rules for market
participants planning to use side cars, cat bonds and other special purpose
vehicles.”
“The guidance, once adopted, will assist market participants in putting
forward applications for SPI structures such as side cars and cat bonds that
demonstrate compliance with the authority’s standards,” concluded
Elderfield.
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