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Press Release - BMA Chief Actuary Appointed To IAIS Executive Committee

November 15, 2021

HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) announced today that
Chief Actuary, Ricardo Garcia, who also serves as Vice-Chair of the International Association of Insurance
Supervisors’ (IAIS) Policy Development Committee (PDC), has been appointed to the IAIS Executive
Committee (ExCo), succeeding BMA Chief Executive Officer, Craig Swan, in this role.

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 ExCo is responsible for taking all decisions necessary to achieve
the mission of the IAIS in accordance with the directions given by the General Meeting, to prepare a programme
of activities of the IAIS, an annual report and an annual budget and to adopt principles, standards and guidance
developed by the IAIS, among other duties.

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