The European Insurance and Occupational Pensions Authority (EIOPA) and the Bermuda Monetary Authority (BMA) have today signed a Memorandum of Understanding (MoU) – a deal applauded as a “milestone” in cross-market collaboration for the insurance and reinsurance industry.
The MoU creates a foundation for further cooperation, information exchange, and mutual understanding between Bermudian and EU insurance regulators.
Leila Madeiros, ABIR Senior Vice President, Deputy Director and Corporate Secretary, said; “The Association of Bermuda Insurers and Reinsurers (ABIR) congratulates both EIOPA and the BMA on reaching this significant milestone.”
The ABIR sees this agreement as a natural progression of Bermuda as a recognized equivalent jurisdiction under Solvency II.
With increased EU-Bermudian collaboration, the agreement aims to optimise supervision of insurance and reinsurance groups operating throughout both markets.
The agreement will assist cross-market implementation of Solvency II, especially in the areas of group supervision and the future review of key aspects of the Solvency II regime.
Gabriel Bernardino, Chairman of the EIOPA, said; “This Memorandum of Understanding not only formalises and strengthens the ongoing cooperation between the two supervisory authorities, it is also an important step in reinforcing the effectiveness of insurance supervision globally.”
The EIOPA will support the BMA’s participation in the EU authorities’ activities of European supervisory colleges when Bermudian insurance is involved.
In turn, the BMA will support the EIOPA’s participation in the BMA’s supervisory colleges where European insurance or reinsurance operations are concerned.
Jeremy Cox, Chief Executive Officer (CEO) of the BMA, commented; “BMA is very pleased to formalise the collaborative relationship with EIOPA which has developed over the past several years.
“This framework for official collaboration will strengthen both of our insurance markets and reveals the increasing global significance of Bermuda.”