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Bermuda, EU To Collaborate On Insurance, Pensions Oversight

by Jason Gorringe, Lowtax.net, London
17 January, 2017

The European Insurance and Occupational Pensions Authority (EIOPA) and the Bermuda Monetary Authority (BMA) have newly signed a memorandum of understanding (MoU).

According to a January 17 statement from the BMA, the MoU provides the framework for regular exchanges of information, and sets forth the basis for further cooperation and increased mutual understanding in view of ensuring optimal supervision for insurance and reinsurance groups with international activities in the European Union and Bermuda.

BMA said EIOPA will support the Authority's participation in the activities of European supervisory colleges formed by the competent authorities of the European Union when a Bermudian insurance undertaking is concerned. Similarly, BMA said it will support EIOPA's participation in BMA's supervisory colleges where European insurance or reinsurance undertakings are concerned.

Gabriel Bernardino, Chairman of EIOPA, said: "This Memorandum of Understanding not only formalizes and strengthens the ongoing cooperation between the two supervisory authorities, it is also an important step in reinforcing the effectiveness of insurance supervision globally."

Jeremy Cox, CEO of Bermuda Monetary Authority, said: "This framework for official collaboration will strengthen both of our insurance markets and reveals the increasing global significance of Bermuda."

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