The NAIC has indicated that the BMA is the first international regulator to be invited to participate in the association’s Process for Developing and Maintaining the NAIC List of Qualified Jurisdictions.
According to the National Association of Insurance Commissioners (NAIC) the process was “developed to evaluate the reinsurance supervisory systems of non-US jurisdictions for reinsurance collateral reduction purposes.” The invitation will place Bermuda at the forefront of regulatory discussions at the NAIC.
Commenting on the invitation, Jeremy Cox, CEO of the BMA said: ““The BMA welcomes the invitation to participate in the NAIC's Qualified Jurisdiction Process. We would like to thank the NAIC for allowing us to participate in this groundbreaking opportunity, which will undoubtedly bring significant benefit to our respective jurisdictions.”
BMA, NAIC, insurance, regulation, reinsurance