BMA chief actuary takes IAIS role

Bermuda Monetary Authority’s chief actuary Ricardo Garcia has been appointed to the executive committee of the International Association of Insurance Supervisors (IAIS). Garcia, who already serves as vice chair of IAIS’s policy development committee, succeeds BMA chief executive Craig Swan on the executive committee role.

In the new role with the global standard-setting body, Garcia will work with the committee to implement the directions given by the IAIS general meeting, prepare the association’s programme of activities, and be involved in developing its budget, annual report, and principles, standards and guidance.

Swan said: “Appointment to the IAIS’ top-most committee is not only an honour but is also consistent with the BMA’s goal to continue its significant contribution to the work of this global standard-setter. Through his role, Mr Garcia will continue to enhance the authority’s relationships with insurance supervisors from other jurisdictions and further our participation in the development of global insurance standards. I commend him for his appointment to this position.

Additionally, as a representative seat for the Caribbean and Offshore Region, we thank the region for its expression of confidence and look forward to continuing to serve on its behalf.”