As its first international appointee, the Bermuda Monetary Authority this week named Alabama Insurance Commissioner Walter A. Bell to its board of directors.
The appointment was made by Finance Minister Paula A. Cox, the BMA said, noting that Mr. Bell has experience in insurance regulation and actively participates in the review and development process for insurance regulation at both the U.S. and international levels.
Ms. Cox said in an official BMA statement that there would be "a significant collateral benefit to the Authority and to Bermuda's insurance market in Mr. Bell's appointment. Bermuda's reinsurance market provides more than 40 percent of the cover for U.S. property risks."
She continued that "Mr. Bell's expert knowledge and regulatory experience in the U.S. insurance markets will complement the cooperative efforts of the two jurisdictions in the international regulatory arena."
Mr. Bell currently serves on the National Association of Insurance Commissioners' executive committee as immediate past president. He is vice chairman of the International Association of Insurance Supervisors (IAIS).
Mr. Bell's career as a financial professional spans almost 30 years and includes holding high-level positions in both the banking and insurance sectors, the BMA said. He began his insurance career with the MONY Group in 1983, and served as the National Director of emerging markets from 1996-1999.
Commenting on the appointment, Alan Richardson, chairman of the BMA said in a statement: "Mr. Bell brings a depth of experience to the board from his background as both a seasoned financial services professional and a leader in U.S. and international insurance regulation. The recognition he has received for his work in both these areas is clearly a testament to his effective leadership and strategic vision."
Mr. Richardson added, "He has also been a proponent of seeking to achieve efficiencies in insurance regulations that have global impact, most notably during his tenure as president of the NAIC.
"His pragmatic approach as a regulator, and his international perspective as the current vice chairman of the IAIS, will no doubt underpin his contribution to the work and deliberations of the board, and will be invaluable to the Authority and Bermuda."
Members of the Authority's senior management team have interacted with Mr. Bell as the BMA has participated in supervisory meetings and committees of the IAIS and NAIC in the course of its international regulatory activities, he said.
"The Authority now anticipates extending that relationship and benefiting from his expertise as a BMA board director," said Mr. Richardson.
Mr. Bell replaces Brian Duperreault, former chief executive officer of ACE Ltd., who joined Marsh and McLennan Companies Inc. in February as president and CEO.
According to the BMA Web site, functions of the board under the BMA Act are to "manage the affairs and business of the BMA and to determine the policy objectives and strategy of the Authority."
The chief executive officer, the superintendent of banking and deputy chief executive officer are also members of the board and are appointed by the minister on the recommendation of the board.
To enhance independence, the BMA said, board members are appointed for terms ranging from three to five years.
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