The International Association of Insurance Supervisors (IAIS) has appointed Ricardo Garcia and Marcelo Ramella of the Bermuda Monetary Authority (BMA) staff to its committee. The BMA’s chief actuary Garcia has been appointed vice chair of the IAIS Policy Development Committee (PDC), succeeding BMA deputy CEO Craig Swan. In addition, BMA director Ramella has been reappointed to serve as vice chair to the Macroprudential Committee (MPC). The IAIS is a global standard-setting body, which promotes effective and globally consistent supervision of the insurance industry. The PDC is responsible for providing standard-setting responses to developments within industry structures, financial markets and business practices as well as to policyholders' needs; and for overseeing the development, review and updating of supervisory material, among other duties. The MPC is responsible for contributing to global financial stability, for steering and overseeing the IAIS’ financial stability work, for overseeing the IAIS’ work on macroprudential assessments and for overseeing and preparing analysis on issues related to financial stability, systemic risk, macroprudential surveillance and macroprudential supervision, amongst other duties. Commenting on the two appointments, Swan said: “Appointment to leadership positions on the IAIS’ PDC and MPC 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.” He added: “Through their roles, Garcia and Ramella will both continue to enhance the BMA’s relationships with insurance supervisors from other jurisdictions and further our participation in the development of global insurance standards.” In September, the BMA promoted Gerald Gakundi to director, supervision of insurance at the BMA.
