The Bermuda Monetary Authority (BMA) has announced structural changes for its policy and insurance supervision areas, and a new appointment for its international relations functions.
Jeremy Cox (pictured), CEO of the BMA, says: “These changes and reassignments are designed to ensure the Authority’s teams are aligned appropriately, and to balance the use of our resources, so that we can continue serving the community and working with the market effectively. They also establish a dedicated senior role for our international relations activities, to support Bermuda’s interests globally.”
Mary Frances Monroe will continue to head up the Director, Policy, Research and Risk department with responsibility for the BMA’s policy development and research functions, and its policy-related contributions to key decision-making bodies such as the International Association of Insurance Supervisors. However, the team has been expanded to also include a unit conducting new dedicated macroprudential surveillance of the market, in addition to existing functions for modelling, banking analytics, stress testing and financial sector analysis.
Craig Swan will lead the Insurance Supervision department. This team will supervise Bermuda’s commercial insurers (Class 4, 3B, 3A) and insurance groups. The department combines key functions for supervising these firms into one area, including insurance analytics and technical support, actuarial services, restoration and run-off monitoring functions and conducting the BMA’s on-site assessments of commercial insurance companies.
Shanna Lespere has been appointed Director of International Affairs. Shewill provide a dedicated function for the BMA’s advocacy and international relations work, which by necessity is growing in scope. This role reports directly to the CEO and will involve strategic promotion of Bermuda’s framework for insurance regulation; identifying international regulatory trends and opportunities for action as appropriate; and participating in global activities in order to influence regulatory change and maintain strong relationships with key stakeholders.
Shelby Weldon and his team will continue supervising Bermuda’s captive insurers, and maintaining close interaction with, and oversight of, the insurance managers supporting the industry. The team also conducts the vetting and licensing process for all financial entities conducting business in or from Bermuda, including companies in the banking, investment, insurance and trust sectors.