NAIC signs memorandum of understanding with Bermuda

NAIC President Monica J. Lindeen signed a memorandum of understanding (MOU) with Jeremy Cox, Chief Executive Officer of the Bermuda Monetary Authority during the opening session of the 2015 NAIC Summer National Meeting.

"Given the importance of Bermuda's reinsurance community to U.S. companies, we are very excited to sign this cooperative agreement with Bermuda," said Lindeen, who also serves as the Montana Commissioner of Securities and Insurance. "The framework for collaboration allows for the exchange of information that will strengthen both of our insurance markets."

Aid coordination of regulatory issues

The MOU will aid insurance supervisors in the U.S. and Bermuda in coordinating on regulatory issues to achieve efficient, fair, safe and stable insurance markets.

Related: A move toward complexity in reinsurance means increased investment in core systems

"It's a testament to a long-standing relationship coming to fruition, and certainly a recognition of the trust we both have for our respective jurisdictions," Cox said. "I think the work that was done just over a year ago on the qualified jurisdiction approach was very useful. We were very happy with the speed in which we were able to achieve things here in the U.S."

The NAIC currently has MOUs with 15 individual and regional jurisdictions representing 34 countries; including Brazil, Egypt, Hong Kong, Iraq, Korea, Thailand, Russia and Association of Latin American Insurance Supervisors.