26 January 2018Analysis

Two senior BMA members to serve as IAIS co-vice chairs

Two members of the Bermuda Monetary Authority's (BMA) senior management team, Craig Swan and Marcelo Ramella, will serve as co-vice chairs - the first time at a committee level - for the International Association of Insurance Supervisors (IAIS), a global standard setting body which promotes effective and globally consistent supervision of the insurance industry.

Swan, who is BMA managing director of the insurance supervision division, will co-vice chair the new Policy Development Committee (PDC), chaired by Elise Liebers from the US National Association of Insurance Commissioners with fellow co-vice chair Paoli Cadoni from the UK Prudential Regulation Authority.

The responsibilities of the PDC include providing standard-setting responses to developments within industry structures, financial markets and business practices, as well as to policyholders needs.

Ramella, who is BMA deputy director of financial stability, will co-vice chair the new Macroprudential Committee (MPC), chaired by Alberto Corinti from the Italian Insurance Supervisory Authority with fellow co-vice chair Steven Seitz from the US Federal Insurance Office.

MPC will focus on pursuing the IAIS' goal to steer and oversee financial stability work, including macroprudential assessment, and the mitigation of systemic risk in the insurance sector and potential policy measures.

The committees were created as part of a broad IAIS restructure aimed at adapting the emerging needs in global regulation and supervision.

“Craig and Marcelo’s contributions in working with the IAIS over the years have enabled the BMA to strengthen relationships with insurance supervisors from other countries, and maintain Bermuda’s active and ever critical participation in the development of global insurance standards,” said BMA CEO Jeremy Cox. “Their contributions are highly-valued, and I commend them for their efforts and on their new appointments serving on top level Committees.”

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