The Association of Bermuda Insurers and Reinsurers hosted US National Association of Insurance Commissioners president-elect Andrew Mais and Massachusetts Division of Insurance commissioner Gary Anderson on island.

The NAIC is the United States’ standard-setting and regulatory support organisation created and governed by the country’s chief insurance regulators from the 50 states, the District of Columbia and five US territories.

Mr Mais is the Connecticut insurance commissioner and is slated to serve as the president of the NAIC in 2024.

He also serves on the International Association of Insurance Supervisors macroprudential and executive committees and on its Insurance Capital Standards Task Force.

The IAIS is the international standard-setting body responsible for developing and assisting in the supervision of the global insurance sector.

Mr Mais is also co-chair of the NAIC’s Special Executive Committee on Race and Insurance, charged with conducting research and analysing issues of diversity and inclusion within the insurance sector.

Abir invited leadership from The Association for Corporate Racial Equity, a committed group of international business professionals, to attend the welcome reception.

Mr Anderson was appointed commissioner of the Massachusetts Division of Insurance by the governor of Massachusetts in 2017, and oversees the Massachusetts insurance market, which has historically ranked near the top ten largest insurance markets in the US and is the 27th largest insurance market globally.

He has chaired the NAIC International Insurance Relations Committee since 2019. He also serves on the IAIS Executive Committee as its vice-chair and on the IAIS Policy Development Committee.

The NAIC granted Bermuda ‘Reciprocal Jurisdiction’ status effective in 2020.

In 2015, Bermuda was placed on the NAIC’s first List of Qualified Jurisdictions, alongside France, Germany, Ireland, Japan, Switzerland and Britain.

Since 2015, Bermuda has maintained its status on the list. The renewed Qualified Jurisdiction status maintains Bermuda-domiciled (re)insurer eligibility for reduced (re)insurance collateral requirements under the NAIC’s Credit for Reinsurance Model Law and Regulations.

To be re-approved as a Qualified Jurisdiction, the Bermuda Monetary Authority was required to maintain a regime that meets the standards of, and achieves similar supervisory outcomes of, the US regulatory system for (re)insurers.

The Qualified Jurisdiction status has solidified Bermuda’s well-established relevance to the United States as a major (re)insurance trading partner.