The Bermuda Monetary Authority (BMA) has announced the exchange of Letters of Co-operation with the Swiss Financial Market Supervisory Authority (FINMA).

The Letters formally establish the basis for consultation, co-operation and co-ordination between the BMA and FINMA.

They set the criteria for information exchange relevant to each authority's supervisory, regulatory and examination responsibilities of insurance entities. The Letters follow the principles of the International Association of Supervisors Multilateral Memorandum of Understanding (IAIS MMOU), the international standard for regulatory co-operation.

Jeremy Cox, CEO of the BMA and Monica Machler, vice-chair of FINMA's board of directors, formally exchanged the Letters at the World Insurance Forum in Bermuda this week.

Mr. Cox said: "We are pleased to be establishing a formal basis of co-operation with the Swiss Financial Market Supervisory Authority.

"This agreement with FINMA builds on the Authority's long-standing tradition of mutual assistance with our overseas regulatory counterparts. It is also a demonstration of the Authority's and FINMA's collective commitment to co-operate at the highest international standards, as established by the IAIS MMOU.

"I would also like to acknowledge the work of our legal team on this initiative, in particular the efforts of Dina Wilson, legal counsel."

The Letters are the latest in a number of similar agreements that the Authority has signed to formalise existing working relationships and interactions with regulatory bodies overseas.

It also complements the BMA's ongoing work to implement group-wide supervision, which requires effective supervisory co-operation.