Bermuda Monetary Authority to be Reviewed Under NAIC List of Qualified Jurisdictions Process; Interested Party Comments Due October 18
Sep 17, 2013
The National Association of Insurance Commissioners announced today, September 17, 2013, that the Bermuda Monetary Authority (“BMA”) has accepted its invitation to participate in an expedited review under the Process for Developing and Maintaining the NAIC List of Qualified Jurisdictions (“Process”).
Interested parties may submit comments regarding the NAIC’s consideration of the BMA by the close of business Friday, October 18, 2013. Comments should be submitted to NAIC staff, Ryan Couch (firstname.lastname@example.org) or Daniel Schelp (email@example.com).
The BMA is the first insurance supervisory authority to agree to participate in the Process. Adopted by the NAIC in August 2013, the Process was developed to evaluate the reinsurance supervisory systems of non-U.S. jurisdictions for reinsurance collateral reduction purposes.
“The BMA welcomes the invitation to participate in the NAIC’s Qualified Jurisdiction Process,” said Jeremy Cox, Chief Executive Officer of the BMA, in an NAIC news release issued today. “We would like to thank the NAIC for allowing us to participate in this groundbreaking opportunity, which will undoubtedly bring significant benefit to our respective jurisdictions.”
“The NAIC is deeply appreciative of the BMA’s interest in participating in this process, as well as its contributions in developing our approach,” said Michael F. Consedine, Chair of the NAIC Reinsurance Task Force and Pennsylvania Insurance Commissioner. “It is the NAIC’s goal to complete the expedited review process prior to the end of the year, and have the BMA included on the NAIC List of Qualified Jurisdictions effective for January 1, 2014.”
2011 revisions to the NAIC’s Credit for Reinsurance Model Law and Regulation require an assuming insurer to be licensed and domiciled in a qualified jurisdiction in order to be eligible for certification by a state as a certified reinsurer. The NAIC Reinsurance Task Force has been charged with developing a list of jurisdictions recommended for recognition by the states as qualified jurisdictions. States must consider this list when approving qualified jurisdictions.
To view the complete Process as approved by the Executive/Plenary during the NAIC’s 2013 Summer National Meeting, click here (begins on Page 213).
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