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.
What people are saying - Write a review
We haven't found any reviews in the usual places.
2003 assessment addition amendments AML/CFT regime Anti–Money Laundering assessment mission assets Bermuda insurance Bermuda Monetary Authority Bermuda Stock Exchange Bermudian billion BMA’s captive insurance Class 4 insurers collective investment schemes Combating the Financing commercial insurers compliance Composite insurers cooperation cross–border direct insurers disclosure enacted entities exposure FATF Recommendations FIA Act Financial Intelligence financial sector supervision Financing of Terrorism ﬂu global Government of Bermuda group supervision guidance hurricanes Katrina IAIS core principles ICPs implementation industry institutions Insurance Core Principles insurance sector insurance supervision insurers and reinsurers Key Recommendations last IMF assessment legislation licensing long–term insurers ML and FT money laundering non–executive Observance of Standards oversight portfolio Proceeds of Crime regulatory framework regulatory independence requirements risk–focused SARs securities regulation sidecars Standards and Codes strengthened stress testing supervisory program suspicious activity report trust service updated