By ROGER CROMBIE, a Bermuda-based columnist for Risk & Insurance®
Matthew Elderfield, CEO of the Bermuda Monetary Authority, has implemented a number of reforms to help the regulatory body meet international financial services industry standards. In his 18-month tenure at the BMA, he has:
--Introduced and published for the first (and, soon, second) time an annual business plan.
--Introduced the Bermuda Solvency Capital Requirement for the Class 4 companies, the large international insurers and reinsurers.
--Reclassified the divergent Class 3 companies into more meaningful categories.
--Given consideration to recalibrating the BSCR for some of the larger Class 3 companies.
--Proposed and initiated dialogue on add-ons in terms of operational risk charges.
--Introduced disclosure of GAAP financial statements for Class 4 companies.
--Increased the frequency of onsite inspections.
--Hosted the first of a series of international supervisory colleges.
--Started to assess internal models, including a survey of Class 4 companies.
--Issued a road map to Solvency II.
--Contributed research to the international debate on group supervision.
March 3, 2009
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