Bermuda, via representation by the Bermuda Monetary Authority (BMA), has been appointed chairman of the International Association of Insurance Supervisor’s (IAIS) Insurance Groups and Cross-sectoral Issues Subcommittee (IGSC).

The IGSC is the committee that sets international regulatory standards for insurance companies with global operations, with financial regulators around the world setting their national insurance regulations based on IAIS standards.

The IGSC is responsible for drafting Insurance Core Principle 23, the international standards and guidance that relate specifically to group-wide supervision. The sub-committee also serves as liaison between the IAIS and the Joint Forum, an international body focused on issues common to the banking, securities and insurance sectors, including the regulation of financial conglomerates.

The Joint Forum comprises members of the IAIS the International Organisation of Securities Commissioners, and the Basel Committee of Banking Supervisors, representing the international standard setters for the insurance, securities and banking industries, respectively.

Jeremy Cox, CEO at the BMA, said: “We are very pleased to accept this appointment to chair the IAIS’s IGSC and to extend our contribution to the IAIS. Craig Swan, director, policy, research and risk assessment, at the Authority, and the leader of the team building Bermuda’s Groups framework, will chair the IGSC on the Authority’s behalf.

“Mr Swan has already contributed significantly to the development of the Groups framework, both in Bermuda and at the IAIS level. Given the importance of the Groups initiative to the IAIS, I thought it appropriate for us to put forward his name to lead the IGSC. I am grateful to the IAIS selection committee for taking up our recommendation and for acknowledging Mr. Swan’s personal contribution and sacrifice in this way.

“The IGSC plays a key role in shaping international standards as they relate to insurance groups and to the regulation of financial conglomerates.”

Mr. Swan said: “As a leading risk-based financial services regulator, the Authority has been fully engaged with the international regulatory environment for some time now. This has allowed us to not only keep abreast of the rapid changes in financial regulation, but also to contribute to standards as they are being developed.

“I welcome the opportunity to act as chair of the IGSC, and to provide input on the significant issues that the Committee is mandated to address in its work.”

This appointment augments Bermuda’s participation with the IAIS. In addition to being a member of the IAIS Executive Committee, the Authority also chairs the IAIS’s Reinsurance Transparency Sub-committee.

It also has representatives on nine other IAIS committees and/or subcommittees covering areas such as actuarial and solvency matters, accounting standards and corporate governance.