Bermuda Continues To Attract Global Re/Insurers

• Bermuda has successfully continued to attract global re/insurers as the Bermuda Monetary Authority (BMA) continues to introduce significant new requirements to regulate the market in its jurisdiction. This move has had a significant financial impact on the island’s life and long-term insurance sector, according to the Bermuda International Long Term Insurers and Reinsurers (BILTIR’s) CEO Suzanne Williams-Charles.
• In a recent interview with Reinsurance News, BILTIR’s CEO spoke about Bermuda’s strong regulatory regime. Williams-Charles says the BMA isn’t merely keeping up with global requirements. the BMA is at the forefront of solidifying the life re-insurance sector with robust and progressive regulations. “Bermuda has a very well-established marketplace, we are seen internationally as a jurisdiction that has a world-class regulator, and I would consider us and our regulatory environment to be well respected by peers. The regime that the BMA has put in place continues to evolve in order to address their ability to stay in line with international standards,” Williams-Charles explained.
• The constant enhancement of regulations by the BMA, including insurance amendment rules and business investment amendments, is also an attraction, despite causing some financial impacts. Re/insurance businesses also make moves to adapt to these enhanced regulations, looking for an environment that fits with their business plan, the CEO noted.
• Bermuda’s alignment with other key jurisdictions such as the US, Europe and the UK is also highly important, Williams-Charles stated. She believes that these relationships and the recognition of a high standard of the regulatory environment in Bermuda are critical for continued success.

(Source: Reinsurance News)