BII & BMA Join Forces For Talk On ILAC Process

October 17, 2018 | 0 Comments

Experts from the Bermuda Monetary Authority are to hold a lunch and learn session to explain new licensing rules and ILAC process for new insurers and re-insurers.

Organised by the Bermuda Insurance Institute [BII], the session will also look at the required documentation for new insurance applications for insurers and re-insurers as well as existing firms who want to make changes or additions to their licensing requirements.

Malcolm Butterfield, the BII’s CEO, said: “This session is aimed mainly at professionals and businesses such as insurance managers, all law firms, all classes of class 3 and class 4 insurers and re-insurers and insurance professionals involved in establishing new insurance entities.

“The BMA speakers are extremely knowledgeable and I am sure it will be an excellent event and I am very grateful to our sponsors, EY and Conyers, Dill & Pearman.”

The presenters are: Treasa Walker. Senior officer, licensing and authorisations; Mekisha Simmons, Principal, licensing and authorisations; Richard May, Assistant Director, actuarial services and Donald Trenor, Assistant Director, actuarial services.

Topics being covered are: what is required for each class of re-insurer, according to BMA rules, regulations and enhanced commercial requirements; the BMA’s capital adequacy review process; specific details for applications as well as details of the capital model requirements for insurers and re-insurers.

It will be held on October 25, from noon to 2pm and a light lunch will be served. The cost for members is $100 and non-members $125.

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