A resounding success
The inaugural Bermuda Insurance Institute (BII) and Bermuda Insurance Management Association (BIMA) Education Summit took place at the Hamilton Princess in front of a 200 capacity audience on May 10, 2012. The intention of the summit was to provide insights into the captive insurance industry to newcomers in the fi eld and an update on current topics from a Bermuda perspective.
L
awrence Bird, president of BIMA, outlined the challenges posed by Solvency II, the Dodd-Frank Act and competition from other domiciles, but Bird said he felt sure Bermuda would remain innovative in meeting these challenges and continue
leading the way in captive development. Lawrence said that the Island’s tremendous infrastructure and the quality of professionals involved would ensure Bermuda remains the largest and leading captive domicile internationally.
The summit addressed a number of topics, including:
The value of working together: The discussion covered how Bermuda’s interests are best served through cooperation and consultation, particularly with the regulator, and conveyed why this remains one of Bermuda’s leading strengths.
An overview of captive formation in Bermuda: A panel addressed the close cooperation of the regulator with industry and the importance of an approach that is light, fl exible, but realistic for the captive sector. The debate also touched upon Bermuda’s renowned speed to market.
Anti-money laundering regulatory compliance review: A session addressing anti-money laundering and anti-terrorism fi nancing legislation. The discussion dealt with the need for a risk-based and proportionate approach that takes into account the specifi c demands of each jurisdiction. The debate also touched upon the need to know your client within an enterprise risk management framework.
Bermuda regulation—an international context: The discussion outlined Bermuda’s leading international position within the fi eld of regulation and expressed confi dence that the Island is well positioned to handle regulatory challenges such as Solvency II.
10 bermuda captive 2012
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