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The Bermuda Monetary Authority (BMA) has announced that two members of its senior management team are to serve as co-vice chairs of committees at the International Association of Insurance Supervisors (IAIS).
According to the BMA the committees were created as part of a broad IAIS restructure aimed at adapting to emerging needs in global regulation and supervision.
Craig Swan, BMA managing director - supervision (insurance), will co-vice chair the new policy development committee (PDC), chaired by Elise Liebers from the US National Association of Insurance Commissioners with fellow co-vice chair Paolo Cadoni from the UK Prudential Regulation Authority.
The PDC will largely be responsible for providing standard-setting responses to developments within industry structures, financial markets and business practices, as well as to policyholder needs.
Dr Marcelo Ramella, BMA deputy director - financial stability, will co-vice chair the new macroprudential committee (MPC), chaired by Alberto Corinti from the Italian Insurance Supervisory Authority with fellow co-vice chair Steven Seitz from the US Federal Insurance Office.
The MPC will focus on pursuing the IAIS’ high-level goal to steer and oversee financial stability work, including macroprudential assessment, and the mitigation of systemic risk in the insurance sector and potential policy measures.
“Craig and Marcelo’s contributions in working with the IAIS over the years have enabled the BMA to strengthen relationships with insurance supervisors from other countries, and maintain Bermuda’s active and ever critical participation in the development of global insurance standards,” said Jeremy Cox, chief executive officer of the BMA. “Their contributions are highly-valued, and I commend them for their efforts and on their new appointments serving on top level committees.”
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