National Association of Insurance Commissioners (NAIC) president Monica Lindeen has signed a memorandum of understanding with Jeremy Cox, CEO of Bermuda Monetary Authority.
The agreement, which was signed during the opening session of the 2015 NAIC Summer National Meeting, is designed to help insurance supervisors in the US and Bermuda coordinate on regulatory issues with the goal of efficient, fair, safe and stable insurance markets.
Lindeen, who also serves as the Montana commissioner of securities and insurance, commented: "Given the importance of Bermuda's reinsurance community to US companies, we are very excited to sign this cooperative agreement with Bermuda.”
"The framework for collaboration allows for the exchange of information that will strengthen both of our insurance markets."
Cox added: "It's a testament to a long-standing relationship coming to fruition, and certainly a recognition of the trust we both have for our respective jurisdictions.”
"I think the work that was done just over a year ago on the qualified jurisdiction approach was very useful.”
The NAIC now has agreements with 15 individual and regional jurisdictions representing 34 countries. This includes signed agreements with Brazil, Egypt, Hong Kong, Iraq, South Korea, Thailand, Russia and the Association of Latin American Insurance Supervisors.
