A memorandum of understanding (MOU) has been signed between the National Association of Insurance Commissioners (NAIC) and the Bermuda authorities regarding regulatory issues.
The new agreement between NAIC and the Bermuda Monetary Authority (BMA) is aiming to help insurance supervisors in the US and Bermuda coordinate when it comes to regulatory issues.
It is hoped that the MOU will also create safe, fair, efficient and stable insurance markets, according to NAIC.
The MOU was signed by Monica Lindeen, president of the NAIC and Montana Commissioner of securities and insurance and Jeremy Cox, chief executive officer of the BMA, during the opening session of the 2015 NAIC summer national meeting.
Lindeen said: "Given the importance of Bermuda's reinsurance community to US companies, we are very excited to sign this cooperative agreement with Bermuda. The framework for collaboration allows for the exchange of information that will strengthen both of our insurance markets.”
Cox added: "It's a testament to a long-standing relationship coming to fruition, and certainly recognition of the trust we both have for our respective jurisdictions. I think the work that was done just over a year ago on the qualified jurisdiction approach was very useful. We were very happy with the speed in which we were able to achieve things here in the US.”
The NAIC now has MOUs with 15 individual and regional jurisdictions that represent a total of 34 countries.
NAIC, Bermuda Monetary Authority, Monica Lindeen, Jeremy Cox, Bermuda