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In his remarks Monday, March 15, 2010, at the World Insurance Forum in Bermuda, Jeremy Cox, Chief Executive Officer of the Bermuda Monetary Authority (BMA), announced that, during a break at the Forum, CEO Cox and Dr. Monica Mächler, Vice Chair of the Board of Directors of the Swiss Financial Market Supervisory Authority (FINMA), executed a Memorandum of Understanding (MoU) between the BMA and FINMA. 

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Read More Newsflash from the World Insurance Forum

The Bermuda Monetary Authority (the BMA) published a consultation paper on 5 February 2010 entitled “Consultation Paper on The Bermuda Monetary Authority’s Proposed Insurance Groups Regulatory Framework” (the Paper). The Paper outlines the BMA’s proposal for the implementation of a group-wide supervisory regime and outlines the conditions under which the BMA would seek to be considered the Group-Wide Supervisor. 

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Read More Bermuda: The Bermuda Monetary Authority Proposes Introducing Group-Wide Supervision in Further Move Towards Solvency II Equivalence

In an interview with Bloomberg, Chaucer’s chief executive officer Bob Stuchbery has indicated that Chaucer will consider redomiciliation out of the UK this year, noting that he would much prefer that Chaucer remained in the UK under a more competitive corporation tax environment. 

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Read More Chaucer Latest Lloyd’s Entity to Consider New Domicile

In December 2008, Michael Foot (formerly of the Bank of England, the FSA and the Central Bank of the Bahamas) was appointed by the UK Chancellor of the Exchequer to identify the opportunities and challenges facing the British Crown Dependencies (Guernsey, Isle of Man, Jersey) and six Overseas Territories (Anguilla, Bermuda, British Virgin Islands, Cayman Islands, Gibraltar, Turks and Caicos Islands). 

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Read More UK: Foot Report on British Offshore Financial Centres Published

The Bermuda Monetary Authority (BMA) has published an Information Bulletin (the Bulletin), dated 5 October 2009, setting out the BMA’s approach to the supervision of special purpose insurers (SPI) and the requirements that SPIs must meet to be licensed. 

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Read More Bermuda: Bermuda Monetary Authority Publishes Guidance on Special Purpose Insurers

Jeremy Cox will succeed Matthew Elderfield as CEO of the BMA at the beginning of next year. Matthew Elderfield, the current CEO of the BMA, is stepping down at the end of this year to take up the post of director of financial regulation at the Central Bank of Ireland. 

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Read More Bermuda: Cox appointed CEO of the Bermuda Monetary Authority (BMA) Effective 1 January 2010

On 1 October 2009 the Bermuda Monetary Authority (BMA) published three market communications outlining proposals on a variety of developments to its regulatory framework. Initially the proposals are only intended to apply to Class 4 and Class 3B insurers and reinsurers due to their high risk profiles. …
Read More Bermuda: The Bermuda Monetary Authority Publishes Market Communications on its Regulatory Framework