Bermuda's regulation more advanced than US or EU, claims ABIR president

16.11.09

Bradley Kading, president of the Camaraderie of Bermuda Insurers and Reinsurers (ABIR), said at the Example & Poor's / PricewaterhouseCoopers Bermuda (Re) insurance Conference that the Island was on trace to achieve regulatory equivalence with Solvency II — updated rules for insurers due to be introduced in the EU in 2012.

Jeremy Cox, operative CEO of financial regulator the Bermuda Monetary Authority (BMA), said the tomorrow's regulation would require more cross-border co-operation and that safe keeping between regulators would be key.

Mr. Kading told a large audience at the Fairmont Hamilton Princess bed that the BMA was about two-thirds of the way through a programme designed to lead to regulatory equivalence.

"Bermuda has an shrewd and quality regulatory team and a system that is in advance of where the US system is," Mr. Kading said, adding that it was also "way in advance" of the EU's Solvency I rules.

Source: Royal Gazette