Bermuda enters NAIC’s qualified jurisdiction process
The Bermuda Monetary Authority (BMA) is the first insurance supervisory authority to agree to participate in the US National Association of Insurance Commissioners (NAIC)'s qualified jurisdiction process.
The NAIC adopted the process in August to evaluate the reinsurance supervisory systems of non-US jurisdictions for reinsurance collateral reduction purposes.
The NAIC is aiming to complete the process by the end of the year and to have the BMA on its list of qualified jurisdictions by 1 January 2014.
BMA CEO Jeremy Cox said the move would undoubtedly bring significant benefits to both jurisdictions.
The BMA also contributed to developing the NAIC's approach on the issue.