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FOR IMMEDIATE RELEASE

BERMUDA MONETARY AUTHORITY ACCEPTS INVITATION REGARDING NAIC LIST OF
    QUALIFIED JURISDICTIONS

   

WASHINGTON, D.C. (Sept. 16, 2013) The National Association of Insurance Commissioners (NAIC) is pleased to announce the Bermuda Monetary Authority (BMA) has accepted its invitation to participate in an expedited review under the Process for Developing and Maintaining the NAIC List of Qualified Jurisdictions (Process).
   
The BMA is the first insurance supervisory authority to agree to participate in the NAIC Process. Adopted by the NAIC in August 2013, the Process was developed to evaluate the reinsurance supervisory systems of non-U.S. jurisdictions for reinsurance collateral reduction purposes. 
   
“The BMA welcomes the invitation to participate in the NAIC's Qualified Jurisdiction Process,” said Jeremy Cox, Chief Executive Officer of the BMA. “We would like to thank the NAIC for allowing us to participate in this groundbreaking opportunity, which will undoubtedly bring significant benefit to our respective jurisdictions.”
   
“The NAIC is deeply appreciative of the BMA’s interest in participating in this process, as well as its contributions in developing our approach,” said Michael F. Consedine, Chair of the NAIC Reinsurance Task Force and Pennsylvania Insurance Commissioner. “It is the NAIC’s goal to complete the expedited review process prior to the end of the year, and have the BMA included on the NAIC List of Qualified Jurisdictions effective for January 1, 2014.”
   
The NAIC posted a public notice on its website with respect to the BMA’s participation in the Process. Interested parties may submit comments regarding the NAIC’s consideration of the BMA by the close of business Friday, October 18, 2013.  Comments should be submitted to NAIC staff, Ryan Couch (rcouch@naic.org) or Daniel Schelp (dschelp@naic.org).
       
Click HERE for more information on the Reinsurance Task Force.

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The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. NAIC staff supports these efforts and represents the collective views of state regulators domestically and internationally. NAIC members, together with the central resources of the NAIC, form the national system of state-based insurance regulation in the U.S. For more information, visit www.naic.org.

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