Bermuda life reinsurers attend regulatory and industry meetings
Representatives of Bermuda's long term insurance and reinsurance sector met with US and global regulators in Seattle last week.
Bermuda International Long Term Insurers and Reinsurers (Biltir) said representatives of the organisation attended The International Association of Insurance Supervisors Global Seminar hosted by the National Association of Insurance Commissioners.
Executive director Christine Patton (pictured), executive adviser Curtis Dickinson and Andrew Sooboodoo, chief risk officer of Fortitude Re and Biltir board member, attended the meetings.
As well as US insurance commissioners, Biltir said there were speakers from other countries, including the Japan Financial Services Agency, The Geneva Association, the Bank of England, the Insurance Authority of Hong Kong, and the European Insurance and Occupational Pensions Authority.
“In 2022, Biltir formed a Global Advocacy Committee to engage on international issues affecting the island’s life insurance sector,” said Patton. “It is important that international colleagues have a clear understanding of the advantages and efficiencies of Bermuda’s life re/insurance sector and these conferences are an ideal opportunity to communicate this.”
Dickinson added: “It is crucial for Biltir to be able to understand the many international regulatory and industry issues that might impact our sector. Attending these conferences gave us an invaluable insight into current trends as well as the opportunity to showcase Bermuda’s life re/insurance industry.”
The long term reinsurance sector and Bermuda's role in it has come under increased scrutiny recently.
Ratings agency Moody's recently said “the overall movement of business offshore is a credit negative for the life insurance sector, because this business provides less transparency for investors and is generally subject to less regulation than business that resides onshore in US-regulated entities”.
In February, the Bermuda Monetary Authority issued its first consultation paper on long term reinsurance regulation, which it said is intended to serve the double goal of protecting policyholders and contributing to financial stability. Biltir has welcome the consultation.
The Bank of England last wrote to UK life insurers raising concerns about funded reinsurance transfers.
Patton, Dickinson, Steve Hales, the chief executive officer of Resolution Re and chair of BILTIR’s global advocacy committee for Europe and the UK, Amy Ponnampalam, the chief executive of Athora Life Re and chair of Biltir’s social impact committee and Wendy Yu, chief pricing officer of Athora Life Re, attended the Insurance Europe conference in Paris on June 7.
The conference discussed issues such as: how to insure a heating planet; navigating a new era of data access and control; and how to serve tomorrow’s consumers.
BILTIR represents 56 life re/insurers and 21 associate members in Bermuda who provide life and annuity products and employ more than 1000 people on the island.
