HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) announced today the appointment of two of its staff to International Association of Insurance Supervisors (IAIS) committee leadership positions. The BMA’s Chief Actuary, Ricardo Garcia, has been appointed Vice-Chair of the IAIS Policy Development Committee (PDC), succeeding BMA Deputy Chief Executive Officer, Craig Swan, in this role. Additionally, BMA Director, Marcelo Ramella, has been reappointed to serve as ViceChair to the Macroprudential Committee (MPC).
The IAIS is a global standard-setting body, which promotes effective and globally consistent supervision of the insurance industry. In pursuit of this goal, the PDC is responsible for providing adequate standardsetting responses to developments within industry structures, financial markets and business practices as well as to policyholders' needs; and for overseeing the development, review and updating of supervisory material, amongst other duties.
Respectively, the MPC is responsible for pursuing the IAIS’ high-level goal to contribute to global financial stability, for steering and overseeing the IAIS’ financial stability work, for overseeing the IAIS’ work on macroprudential assessments and for overseeing and preparing analysis on issues related to financial stability, systemic risk, macroprudential surveillance and macroprudential supervision, amongst other duties.
