Two BMA employees given IAIS committee leadership roles

Two employees of the Bermuda Monetary Authority (BMA) have been appointed to International Association of Insurance Supervisors (IAIS) committee leadership positions.

The BMA’s chief actuary, Ricardo Garcia, has been appointed vice chair of the IAIS policy development committee (PDC), succeeding BMA deputy chief executive officer, Craig Swan.

Marcelo Ramella, a director at the BMA, has also been reappointed to serve as vice chair to the macroprudential committee (MPC).

The IAIS is a global standard-setting body, which promotes effective and globally consistent supervision of the insurance industry. The PDC is responsible for providing adequate standard setting responses to developments within industry structures, financial markets and business practices. The MPC is responsible for pursuing the IAIS’ high-level goal to contribute to global financial stability.