ABIR Holds Leadership Dialogue With NAIC
The Association of Bermuda Insurers and Reinsurers [ABIR] hosted leaders from the National Association of Insurance Commissioners [NAIC], the US standard-setting and regulatory support body governed by chief insurance regulators from all 50 states, for discussions on market trends and matters of mutual interest.
A spokesperson said, “Executives from ABIR member companies spoke with visiting regulators Andrew Mais, NAIC President and Connecticut Insurance Department Commissioner; Jon Godfread, NAIC President-Elect and North Dakota Insurance Department Commissioner; and Eric Dunning, NAIC International Insurance Relations [G] Committee Chair and Nebraska Department of Insurance Director.
“The leadership dialogue covered market topics including climate risk, cyber risk, specialty re/insurance and re/insurers’ capacity. Since 1997, Bermuda-based re/insurers have paid out more than half a trillion dollars to American policyholders and cedents, including funds that have helped communities and businesses recover after natural disasters.”
John Huff, ABIR CEO, a past president of the NAIC and former Missouri Department of Insurance Director, said: “We were pleased to welcome our guests from the NAIC. The open dialogue we enjoy with these regulatory leaders helps to maintain the long-established and successful relationship between the Bermuda re/insurance market and our largest trading partner, the United States.”
The spokesperson said, “During last week’s visit, the NAIC delegation also held its annual meeting with leaders of financial regulator the Bermuda Monetary Authority. Bermuda holds Qualified Jurisdiction and Reciprocal Jurisdiction status granted by the NAIC, allowing efficient access to US insurance markets for Bermuda-domiciled re/insurers and strengthening the island’s position as the World’s Risk Capital.”
