We live in uncertain times. While many of those who enjoy a sometimes precarious existence in the corporate world are accustomed to uncertainty and may often rely on it, even the most cynical business folk sleep better at night knowing that there are vigilant regulators out there whose job is to keep watch over the markets. Now I'm not saying that they never slip up. They clearly do, sometimes spectacularly.Nor am I saying that I'm always ecstatic about their decisions. I'm not. But by and large, I believe it is fair to say that we are generally better off with them than without them. Which is why I find it difficult to understand the motives of those who take gratuitous potshots at them.Most regulators I've ever known perform a literally thankless task. Damned if they do and damned if they don't, their lot is to take difficult and usually unpopular decisions guaranteed to trigger a barrage of complaints and at least two abusive phone calls by lunchtime the next day.For example, publicly fining errant financial service companies in a community as close knit as Bermuda's is hardly going to make you the most popular guy in town.Similarly, the Bermuda Monetary Authority's decision to seek broad equivalence with Europe's Solvency II directive was such a critical game changer for a market that comprises a diverse spread of interests, that it was never likely to attract universal appeal. Opinions vary as to the value of Solvency II equivalence and it remains to be seen how this one will play out but look at the results so far. Bermuda, along with Switzerland and Japan, was placed on Europe's first wave list of jurisdictions eligible for an equivalence assessment to be carried out later this year.Consequently, Bermuda received widespread, generally positive attention. Did it just get lucky? Do the assessors just like the idea of a free trip to Bermuda? Highly unlikely. Bermuda got on the list because the regulator got down to work and spent most of last summer eating airline food and lobbying regulators and European Commission lawmakers.What did he tell them? Nothing that they probably shouldn't have already known. His message was quite simple: Bermuda is one of the world's leading centres for insurance and reinsurance and Europe needs to maintain access to the capacity it provides. Now I'm sure he said a lot more than that. I'm certain he provided extensive data detailing the business ties to Europe.But essentially, the main thrust of his message was what the Bermuda Government and many of us in the business have been saying for years. And it worked. Bermuda was placed on the first wave list thanks to the single-minded determination of Monetary Authority CEO Jeremy Cox.But instead of gratitude, guess what special words of appreciation were expressed in political circles shortly after Mr. Cox's achievement? The BMA was described as a black hole, a receptacle of public money that had failed to tell the public just what it was doing with the funds that were poured into it. Amazing!As a former director of the Bermuda Monetary Authority, I am proud to have served Bermuda by sitting on one of the most diligent and hard working public service bodies in the financial sector. This board is an outstanding group of people and professionals representing many of the financial disciplines on the island. This is a board that takes its work seriously, a board that undertakes sterling work behind the scenes, work which, in many cases, goes largely unrecognised. I wonder how they felt when their efforts were publicly dismissed as serving to support a black hole.Just for the record, there is no secrecy surrounding the Bermuda Monetary Authority's financial affairs. Its source of funds and how it spends them is required to be disclosed every year in a financial report that has to be submitted to the Bermuda Parliament. Additionally, it produces an annual business plan which lays out well in advance what it proposes to do and how it plans to do it.Black hole? I don't think so.Brian Duperreault is the chief executive officer of Marsh & McLennan and is the former chairman and chief executive officer of Ace Ltd.