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Bermuda, US Insurance Regulators Strengthen Ties

by Mike Godfrey, Lowtax.net, Washington
25 November, 2016

The Bermuda Monetary Authority recently hosted its first bilateral meeting with the US insurance regulator, the National Association of Insurance Commissioners (NAIC).

The NAIC is a standard-setting and regulatory support organization created and governed by the US's state and territory chief insurance regulators.

The meeting follows the signing of a memorandum of understanding in August 2015 at the NAIC Summer National Meeting in Chicago.

Since January 1, 2015, Bermuda has enjoyed full Qualified Jurisdiction status from the NAIC, allowing Bermuda (re)insurers to reinsure US risk on a non-discriminatory basis.

Ted Nickel, NAIC President-Elect and Wisconsin Insurance Commissioner, said: "The relationship between Bermuda and US insurance regulators is critical. Our semi-annual dialogues help reinforce areas where we are working together, which is important given the role Bermuda's reinsurers play in protecting US policyholders."

Nickel continued: "In recognition of the strength of Bermuda's regulatory framework, Bermuda was one of the first countries to be deemed a NAIC Qualified Jurisdiction, resulting in reduced collateral requirements for insurers selling policies in the US."

Jeremy Cox, CEO of the Bermuda Monetary Authority, said: "It was wonderful to have the NAIC President-elect and Vice President here with us in Bermuda … Maintaining open and frank dialogues between national regulators is a vital component of supervision today. We look forward to meeting the NAIC again here soon in what we hope will be a biennial visit."

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