Bermuda Monetary Authority

1
Bermuda Monetary Authority

• ABCO CONFERENCE
• June 4th, 2007
• Shelby Weldon Director Compliance (Insurance)

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Bermuda Monetary Authority

• AGENDA
• Role of the Authority
• Legislation and Regulations
• Guidance Notes
• Compliance Issues
• Supervisory Approach

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Bermuda Monetary Authority

• Functions of the Authority - Insurance
• Supervise persons carrying on insurance business
  and persons carrying on business as insurance
  managers, brokers, agents, or salesman for the
  purpose of protecting the interest of clients and
  potential clients of such persons.
• Keep under review the operation of the Insurance
  Act and developments in the field of insurance
  which appear to it to be relevant to the
  performance of its functions, the exercise of its
  powers and the discharge of its duties

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Bermuda Monetary Authority

• Legislation and Regulation
• BMA Act 1969
• Insurance Act 1978
• Insurance Accounts Regulations 1980
• Insurance Returns Solvency Regulations
• Non-Resident Insurance Undertaking Act 1967

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Bermuda Monetary Authority

• Guidance Notes
• 15 Guidance Notes published
• Approval process and role of Service Providers
• Market Conduct (Domestic Business)
• Corporate Governance
• Risk Management and Internal Controls
• Insurance Activity
• Investments

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Bermuda Monetary Authority

• Compliance Issues
• Licensing
• Filing requirements
• Minimum Solvency Margin
• Minimum Liquidity Ratio
• Regulatory Approvals

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Bermuda Monetary Authority

• Supervisory Approach
• Risk-Based Approach
• Off-site monitoring
• On-site inspections
• Daily Regulatory request
• International Cooperation
• Principal Representative/Service Providers