Bermuda Added To NAIC List Of Qualified Jurisdictions

Bermuda is the first offshore jurisdiction to be granted 'conditional qualified jurisdiction' status by the National Association of Insurance Commissioners (NAIC), the US standard-setting and regulatory support organisation created and governed by the chief insurance regulators from each US State, the District of Columbia and five US territories.

The only other jurisdictions to be afforded such status are Germany, Switzerland and the United Kingdom.

Recognising the value of the NAIC's endorsement, the Bermuda Monetary Authority (BMA) was the first insurance supervisor to accept the NAIC's invitation to participate in an expedited review of its regulatory framework.

The designation of Bermuda as a 'qualified jurisdiction' will represent a significant benefit to Bermuda reinsurers in the US insurance market with greater efficiency and less cost in conducting reinsurance business across the insurance markets, while also emphasising US confidence in the BMA as an