Insurance authority signs MOU with Bermuda

The National Association of Insurance Commissioners (NAIC) has signed a memorandum of understanding (MOU) with the Bermuda authorities.

The MOU, signed between NAIC and the Bermuda Monetary Authority (BMA) is designed to help insurance supervisors in the US and Bermuda coordinate on regulatory issues with the goal of efficient, fair, safe and stable insurance markets, according to the NAIC.

The association now has MOUs with 15 individual and regional jurisdictions representing 34 countries.

Monica Lindeen, president of the NAIC and Montana Commissioner of securities and insurance, signed the MOU with Jeremy Cox, chief executive officer of the BMA, during the opening session of the 2015 NAIC summer national meeting.

Lindeen said: "Given the importance of Bermuda's reinsurance community to US companies, we are very excited to sign this cooperative agreement with Bermuda. The framework for collaboration allows for the exchange of information that will strengthen both of our insurance markets.”

Cox added: "It's a testament to a long-standing relationship coming to fruition, and certainly a recognition of the trust we both have for our respective jurisdictions. I think the work that was done just over a year ago on the qualified jurisdiction approach was very useful. We were very happy with the speed in which we were able to achieve things here in the US.”