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| Bermuda Issues Proposals For Insurance Group Supervision |
by Phillip Morton, Investors Offshore.com
Wednesday, February 24, 2010
The Bermuda Monetary Authority has released details of its proposed group-wide
supervision framework for Bermuda’s insurance sector in a Consultation Paper
entitled “Insurance Groups Regulatory Framework”.
Commenting on the consultation paper’s launch, Jeremy Cox, Chief Executive
Officer at the Authority, said: “For some time now the Authority has been
focused on enhancing our insurance regime in preparation for achieving regulatory
equivalence under Europe’s Solvency II Directive.”
“The publication of our group supervision Consultation Paper shows that
we are maintaining momentum on our regulatory change program for Bermuda’s
insurance sector, and also reaching the key policy development and implementation
milestones set out in our equivalence work plan. In fact, we have successfully
accelerated our groups program and published this Consultation Paper ahead of
schedule; it was originally due to be completed by the end of March as per our
Solvency II Roadmap.”
The Consultation Paper describes the scope of the Authority’s group-wide
supervision regime and outlines the conditions under which the Authority would
seek to be considered a Group-wide Supervisor. It also describes other features
of the framework including: the assessment of group corporate governance and
risk management; group-wide solvency assessments, which includes a discussion
of the treatment of intra-group transactions and risk concentrations; and the
Authority’s statutory reporting requirements for groups. In addition,
the Paper explores the efficacy of group support as an important factor in determining
group-wide solvency, and the treatment of unregulated entities that are part
of the group. Since any group-wide supervisory regime hinges on the principle
of supervisory cooperation and equivalence among regulators, the Paper also
seeks to explain the Authority’s own proposed equivalence framework.
Cox added that the Authority recognises it will require significant resources
to support implementation of group supervision effectively. “In order
for us to conduct group assessments for supervisory purposes, effectively be
a group-wide supervisor, and participate in additional supervisory colleges,
we will need to have appropriate resources,” he said. “With that
in mind, we will be heavily focused on building on the existing senior-level
expertise and skills in our supervisory and policy teams during this year, which
will be dedicated to us implementing group supervision.”
Consistent with the Authority’s risk-based approach to regulation, the
scope of its group-wide supervision regime will initially apply to the jurisdiction’s
Class 4 and Class 3B (re)insurers, the largest firms with the highest risk profiles.
However it will be expanded in the future in line with changes in the international
regulatory environment.
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