The Bermuda Monetary Authority (BMA) has announced that two of its senior staff members have been appointed to International Association of Insurance Supervisors (IAIS) committee leadership positions.
Firstly, BMA Chief Actuary, Ricardo Garcia, has been appointed Vice-Chair of the IAIS Policy Development Committee (PDC), succeeding BMA Deputy Chief Executive Officer, Craig Swan, in this role.
Additionally, BMA Director, Marcelo Ramella, has been reappointed to serve as Vice-Chair to the Macroprudential Committee (MPC).
The IAIS is a global standard-setting body that promotes consistent supervision of the insurance industry.
In line with this goal, the PDC is responsible for providing adequate standard-setting responses to developments within industry structures, financial markets and business practices as well as to policyholders’ needs, and for overseeing the review of supervisory material.
Respectively, the MPC is for overseeing the IAIS’ financial stability work, the IAIS’ work on macroprudential assessments and analysis on issues related to financial stability, systemic risk, macroprudential surveillance and macroprudential supervision.
“Appointment to leadership positions on the IAIS’ Policy Development Committee and Macroprudential Committee is not only an honour but is also consistent with the BMA’s goal to continue its significant contribution to the work of this global standard-setter,” said Craig Swan.
“Through their roles, Ricardo and Marcelo will both continue to enhance the Authority’s relationships with insurance supervisors from other jurisdictions and further our participation in the development of global insurance standards,” Swan continued. “I commend them for their appointment to these respective positions.”
