Bermuda: Assessment of the Supervision and Regulation of the Financial Sector
International Monetary Fund, Oct 16, 2008 - Business & Economics - 67 pages
This paper presents an assessment of Financial Sector Supervision and Regulation for Bermuda. The Bermudian authorities have made impressive progress in developing and implementing a risk-focused approach to supervision across the range of their sectoral supervisory responsibilities. Full rollout of the risk-based regulatory system to all market segments is, however, required for achievement of comprehensive oversight of the market. To support the introduction of a formal risk-based supervisory system, the banking department has been restructured.
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2003 assessment amendments AML/CFT regime AML/CFT requirements AML/CFT supervision Anti-Money Laundering asset-liability management authorities Authority’s Bermuda insurance Bermuda Monetary Authority Bermudian BMA Act BMA is advised BMA’s Capital and surplus Captive insurers captives Class 4 insurers commercial insurers compliance controls criminal criteria develop direct insurers disclosure DNFBPS effective enforcement enhanced regulatory reporting established exposure facilitate FATF 40+9 Recommendations FATF Recommendations FIA Act Financing of Terrorism formal funds host supervisors hurricanes Katrina I1\/IF assessment IAIS identiﬁed implement industry institutions Insurance Core Principles insurance market insurance sector insurance supervision INTERNATIONAL MONETARY FUND introduced investment Key Assessor Recommendations legislation liability licensing long-term insurers ML and FT money laundering monitoring NAMLC policyholders portfolio transfers premiums preventive measures reﬂect regulations reinsurance relevant risk management risk-based solvency regime ROSC sidecars signiﬁcant staff standards strengthened supervisory framework supervisory programs suspicious activity report wire transfers