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| BMA Signs MoU With Florida Insurers |
by Amanda Banks, Tax-News.com, London
Thursday, October 01, 2009
The Bermuda Monetary Authority signed a Memorandum of Understanding (MOU) with
the Florida Office of Insurance Regulation (FLOIR) on September 22. This is the
latest in a number of such agreements that the Authority has signed to formalise
existing working cooperation with its regulatory counterparts overseas.
Matthew Elderfield, Chief Executive Officer of the Authority and Kevin McCarty,
Florida Insurance Commissioner, signed the MOU. The agreement takes immediate
effect and establishes a formal basis for consultation, cooperation and coordination
between the Authority and the FLOIR, including the exchange of information relevant
to each agency’s supervisory, regulatory and examination responsibilities
in relation to insurance companies of mutual interest.
On signing the agreement, Matthew Elderfield said: “We are very happy
to be building on our existing history of cooperation with our colleagues at
the Florida Office of Insurance Regulation by establishing this MOU. The Bermuda
reinsurance market provides a critically significant level of support to Florida-based
insurers. The MOU means we can assist each other on supervisory matters involving
companies of common interest within our respective markets. Taking such actions
is in the ultimate interests of policyholders and supports overall stability
in the insurance market.”
For his part, Commissioner McCarty added, “Just as we work closely with
other state regulators in this country to monitor company solvency and implement
consumer protections, we must also increase our cooperation with our international
counterparts. As we observed during the downturn in our economy a year ago,
America’s insurance markets are systemically intertwined with those of
other countries.”
According to data published by the Association of Bermuda Insurers and Reinsurers,
Bermuda’s reinsurers paid USD22bn to rebuild the US Gulf and Florida coasts
from the hurricane seasons of 2004 and 2005, and Bermuda carriers currently
provide more than 60% of the hurricane reinsurance in Florida and Texas.
By establishing the MOU, both regulatory bodies formally express their willingness
to cooperate with each other in the interest of fulfilling their respective
regulatory mandates and functions. The MOU also covers procedures for the regulators
to both request and provide investigative assistance, where appropriate, with
respect to companies and individuals conducting insurance business in Bermuda
and Florida.
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