BMA holds first IAIS meetings in Bermuda since 2014

The Bermuda Monetary Authority (Authority) has hosted a series of meetings of the International Association of Insurance Supervisors (IAIS) in Bermuda.

The three IAIS groups which met at the authority were: the Index-Based Insurance Drafting Group, co-chaired by the IAIS and the World Bank, on 8 – 10thMarch; the Macroprudential Surveillance and Reinsurance Expert Team on 1 and 2 March; and the Macroprudential Policy and Surveillance Working Group on 17 and 18 February.

Marcelo Ramella, the deputy director, policy and research at the BMA and representative to the three working groups meeting in Bermuda, said: “The Authority participates in numerous IAIS working group meetings around the world but is very pleased to have once again hosted the events here in Bermuda.

“Taking part in IAIS meetings enables us to further strengthen relationships with insurance supervisors from other countries.”

He added: It is vitally important that Bermuda actively participates in the development of global standards and having this type of meeting take place in Bermuda, as opposed to elsewhere in the world, brings a qualitatively different dimension to the Authority’s role in global insurance supervision."