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Bermuda moves towards regulatory equivalence
19 February 2010
Bermuda’s regulator is making strides towards its goal of achieving regulatory equivalence. It also revealed that the island’s insurance market’s assets grew by 7% last year.
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[bermuda]
[bma]
[bermuda monetary authority]
Bermuda’s regulator is making strides towards its goal of achieving regulatory equivalence under the Solvency II directive, with moves towards tightening up capital requirements and implementation of a group-wide supervision framework. It also revealed this week that the island’s insurance market’s assets grew by 7% last year.
The Bermuda Monetary Authority (BMA) this week issued details of its proposed group-wide supervision framework for Bermuda’s insurance market in a consultation paper. The paper outlines the conditions under which the authority would seek to be considered a group wide supervisor. Draft legislation to facilitate group-wide supervision will be issued shortly.
This follows the BMA last year announcing plans to introduce a three-tiered capital system to assess the quality of capital resources of certain classes of Bermuda general business insurers. The system will be extended to class 4 and class 3B insurers in the fourth quarter of this year,...
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