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IMF Endorses Bermuda's Financial Services Regulation

by Amanda Banks, Tax-News.com, London

23 October 2008


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“However, even this favourable assessment is somewhat out of date and the Authority has been pushing forward with further enhancements to our solvency rules for both insurers and banks,” Elderfield concluded.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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