The Bermuda Monetary Authority (BMA) has said that Brexit should not impact Bermuda’s ability to successfully negotiate with the EU on matters of regulation, and securing fair access to the EU market for the island’s insurance and financial services sector.
Jeremy Cox, CEO of BMA, speaking to The Royal Gazette newspaper at the recent RIMS annual conference, said that while Britain was not insignificant in the process of Bermuda gaining Solvency II equivalence, it was primarily Bermuda that negotiated the arrangements.
He told the paper: “We have never had questions about our linkage to the UK. People have always treated us as a third country, independently seeking to get equivalence. I don’t want to say that the UK was insignificant in the process…But I believe the efforts of the BMA, the Bermuda government, and certainly the significant efforts of organisations like Abir, won equivalence for Bermuda as opposed to anything else. They had to trust us. All along the way it was the face of Bermuda, and primarily the face of the BMA, that was needed to build trust and provide a technical overview of what we were doing in Bermuda and whether or not it was considered equivalent with Solvency II.”
Mr Cox told Bermuda’s Royal Gazette that Bermuda has established its relevance to the EU through its insurance market: “We are supplying a significant contribution to Europe in the form of reinsurance coverage that has aided the European insurance market by helping them to lower costs for their consumers, and also spread and diversify risk.”
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