The Bermuda Monetary Authority (BMA) has appointed Ricardo Garcia as managing director, where he will be responsible for the authority’s supervision of insurance, banking, trust, corporate services, and investment regulated entities.
This includes micro- and macro-prudential supervision and surveillance, as well as anti-money laundering, anti-terrorism financing and conduct supervision.
Garcia has served at the BMA since 2013, most recently in the position of chief actuary, where he was responsible for providing actuarial advice throughout the organisation and to the wider Bermuda insurance market.
Garcia is a member of the executive committee of the International Association of Insurance Supervisors (IAIS) and is vice chair of IAIS’ policy development committee, through which he also contributes to the BMA’s international relations.
Before joining the BMA, Garcia worked for Deloitte Consulting on actuarial, risk management and regulatory matters.
He also held several supervisory and actuarial roles at the Portuguese Insurance and Pension Funds Supervisory Authority (PIPFSA). As a PIPFSA representative at the European Insurance and Occupational Pensions Authority, Garcia worked extensively on developing the Solvency II regime.
Commenting on the appointment, BMA CEO Craig Swan says: “The managing director post resides at the intersection of Bermuda's range of financial services sectors, the BMA’s strategy, its domestic supervisory approach and our international relations. Ricardo has the ideal fit of expertise and experience to bridge these areas.
“Ricardo’s contributions to the authority and Bermuda’s high actuarial standards for nearly a decade have entrenched him in the various sectors under the BMA’s remit. During this time, he has led critical internal objectives, such as the BMA’s sustainable funding framework.
“Regarding Ricardo’s seat at the table internationally, his background as a key voice in Solvency II’s architecture and the seats he has earned at the highest levels of international standard-setters’ committees will be invaluable to him as he steps into this role and further facilitate the BMA’s aim of setting and aligning with international best practices.”
