Last month, the National Association of Insurance Commissioners (NAIC) and the Bermuda Monetary Authority (BMA) convened in Hamilton, Bermuda for their annual bilateral meeting. The purpose of the meeting was to address strategic priorities on regulatory issues that are important to both organizations.
The NAIC and BMA have maintained a memorandum of understanding since 2015, which commits them to meet at least once a year to discuss these topics. Representatives from the NAIC included President-Elect and Virginia Insurance Commissioner Scott A. White, Vice President and Rhode Island Department of Business Regulation Director Elizabeth Kelleher Dwyer, and International Insurance Relations (G) Committee Chair and Nebraska Department of Insurance Director Eric Dunning.
During the meeting, both sides shared perspectives from their respective jurisdictions. They discussed several regulatory subjects such as recent developments at the International Association of Insurance Supervisors (IAIS), progress on implementing the Insurance Capital Standard (ICS) through the U.S. Aggregation Method (AM), and considerations around the responsible use of artificial intelligence in insurance regulation.
A photo provided by BMA shows participants from both organizations during the discussions: Martin Maringi (BMA), Eric Dunning (Nebraska Department of Insurance), Craig Swan (BMA), Scott A. White (Virginia Insurance Commissioner), Gerald Gakundi (BMA), Elizabeth Kelleher Dwyer (Rhode Island Department of Business Regulation Director), Ricardo Garcia (BMA), and Nikhail Nigam (NAIC).
