NAIC leadership and the Bermuda Monetary Authority (BMA) recently met on the sidelines of the Summer National Meeting in New York for the seventh NAIC–BMA Insurance Regulatory Dialogue. The two groups discussed NAIC Credit for Reinsurance model revisions and Bermuda’s 2019 Qualified Jurisdiction reevaluation; International Association of Insurance Supervisors (IAIS) insurance capital standard (ICS) developments; catastrophe risk; and innovation and technology initiatives in both jurisdictions.
According to the Association of Bermuda Insurers and Reinsurers, Bermuda is the largest supplier of catastrophe reinsurance to US insurers.
The U.S. delegation included NAIC President and Maine Superintendent, Eric A. Cioppa; NAIC President-Elect and South Carolina Director, Raymond G. Farmer; NAIC Vice President and Florida Commissioner, David Altmaier; and NAIC Secretary-Treasurer and Idaho Director, Dean L. Cameron. NAIC CEO Michael F. Consedine and COO Andrew J. Beal also participated.
The BMA delegation included Craig Swan, Managing Director, Supervision (Insurance); Ricardo Garcia, Chief Actuary; Yvette Pierre, Director, Policy & International Affairs; Natalie Stevenson, Assistant Director, International Affairs; and Cara Philip, Graduate Trainee.
Since signing a Memorandum of Understanding (MoU) in 2015, the NAIC and BMA have held regular bilateral meetings to discuss issues of mutual regulatory interest.