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21 May 2012

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Bermuda moves closer to group supervision

23 February 2010

Bermuda continues to take steps to match regulatory frameworks in rival jurisdictions by releasing details on how it proposes to introduce group supervision.

With the launch of the "Insurance Groups Regulatory Framework" consultation paper, the Bermuda Monetary Authority (BMA) said it had taken the latest move towards Solvency II equivalence.

The BMA added that will soon issue draft legislation that will allow it to implement the regime for the island's (re)insurance community.

BMA CEO Jeremy Cox said: "For some time...

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