Premier Attends RIMS Sessions on Risks
The Premier and Minister of Finance Paula Cox participated in a series of morning sessions conducted among Bermudian industry professionals at the Risk Insurance Management Society [RIMS] yesterday [May 4] in Vancouver, British Columbia.
An early morning panel discussion titled, “The Maturing of the Chief Risk Officer Role,” included a number of representatives from Bermuda based organisations including Endurance Specialty Holdings Ltd. and Torus Insurance.
The various categories of Risk – Catastrophe, Underwriting and Pricing, Loss Reserve, Asset and Investment and Operational, were all topics of discussion.
Added talks stressed the necessity for businesses to adapt to potential risks in a changing environment and in going forward, ensure a clear and transparent communication between business entities, Government and regulatory agencies existed.
A spokesperson said, “The buzz across the industry is Solvency II and it was not excluded from the discussion. Critical to all were Bermuda’s steps towards the Solvency II compliance. Residents will be aware that in April 2009, the Solvency II Directive was officially adopted by the EU Parliament and is expected to become fully effective by late 2012 or early 2013.”
“It has been articulated that as Solvency II moves closer to implementation, the Bermudian authority, the (BMA) has achieved significant progress with its insurance regulation enhancements. The BMA notes that Bermuda’s framework is practical and effective for the local market while maintaining alignment with international standards and remains focussed on doing what is right for Bermuda.”
“Today’s panel discussion afforded me an opportunity to hear these attributes reinforced,” the Premier said.
Also discussed was the role of the Chief Risk Officer [CRO]. A fairly new role in most organisations, the Premier explained, the CRO would bring a big-picture perspective to a company and, by integrating risk systems and processes, would enable that company to encompass a much wider range of risks.
“The session explored the function of the CRO, their major priorities and how regulatory influences affect such a role.
“I was most impressed with the presentation particularly as it relates to what has been learned by the CRO in light of the challenging times we have faced in recent years. They discussed the importance of being strategic and ensuring that there was accountability in the role that they play.”
Premier Cox closed out the RIMS event by doing a final walk-a-bout of the conference exhibition hall visiting industry partners she was unable to meet with yesterday.
While re-visiting the Bermuda booth today, Premier Cox conducted a brief interview with National Underwriting where she was asked the question, “Why Bermuda?”
She said, “In telling Bermuda story, it is important to note that we are open to and open for business. We are an innovative jurisdiction, robust, resilient, with a sound regulatory framework. We are attractive due to our speed to market, credible reputation and innovation,” she concluded.
