The government unit in charge of Bermuda's insurance industry is putting finishing touches on a new risk-based model to analyze insurers' capital adequacy, an official said.
Jeremy Cox, supervisor of insurance for the Bermuda Monetary Authority, told last week's National Association of Insurance Commissioners catastrophe conference in Miami that the new model should be ready for review in the next few weeks.
“The island has a long-standing reputation for its rigorous 'know-your-customer' procedures,” Mr. Cox said.
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