BILTIR officials attend NAIC summer meeting
Bermuda’s long term re/insurers continued their advocacy efforts with overseas regulators at a recent meeting of US state insurance regulators in Seattle.
Executive director Christine Patton and executive advisor Curtis Dickinson attended the 2023 National Association of Insurance Commissioners Summer National Meeting from August 12 to August 16.
The Bermuda International Long Term Insurers and Reinsurers’ (BILTIR) statement said: “NAIC members met in committee sessions to discuss the organisation’s work on issues that are important to insurance consumers and markets. including climate risk, race and insurance, and artificial intelligence.
“This is part of BILTIR’s ongoing international networking and advocacy efforts, which has seen BILTIR executives visit the Insurance Europe conference in Paris on June 7, and The International Association of Insurance Supervisors 2023 Global Seminar in Seattle on June 15-16.”
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.
Dickinson said: “BILTIR is continuing its international advocacy efforts by attending key events where we get the opportunity to meet with leading figures and regulators in the life reinsurance industry. It is a vital opportunity for Bermuda to stay abreast of the latest developments in the industry as well as to explain the value proposition of the Bermuda market.”
BILTIR represents 56 life re/insurers and 21 associate members in Bermuda that provide life and annuity products and employ more than 1000 people on the island.