As the Managing Director, Ricardo Garcia is responsible for the Authority’s supervision of insurance, banking, trust, corporate services, investment and money service business regulated entities, including micro and macro prudential supervision and surveillance, and anti-money laundering/anti-terrorism financing and conduct supervision. Mr. Garcia is a Member of the Executive Committee of the International Association of Insurance Supervisors (IAIS) and also serves as Vice-Chair of the IAIS’ Policy Development Committee.
Mr. Garcia joined the Authority in 2013 and has held various positions, the latest of which was Chief Actuary, where he was responsible for providing actuarial advice throughout the organisation and to the wider Bermuda insurance market.
Prior to joining the Authority, Mr. Garcia worked for Deloitte Consulting LLP, in New York City on actuarial, risk management and regulatory matters. Previously, he worked for the Portuguese Insurance and Pension Funds Supervisory Authority (PIPFSA) in several supervisory and actuarial roles. As a representative of the PIPFSA at the European Insurance and Occupational Pensions Authority, he worked extensively on the construction of the Solvency II regime. Mr. Garcia began his career in internal audit at the Central Bank of Portugal.
Mr. Garcia is a Fellow of the United Kingdom Institute and Faculty of Actuaries, a Full Member of the Portuguese Actuarial Society and a Member of the Portuguese Order of Certified Accountants. He holds a Master of Science in Actuarial Science and a Bachelor of Arts in Management, both from the Lisbon School of Economics & Management of the University of Lisbon.