On 17 January, the European Insurance and Occupational Pensions Authority (EIOPA) and the Bermuda Monetary Authority (BMA) entered into a Memorandum of Understanding (MoU), which aims to formally strengthen cooperation between the two supervisory authorities. The MoU provides for regular exchanges of information on regulatory, supervisory and macroprudential developments between EIOPA and BMA with a view to enabling optimal supervision for insurance and reinsurance groups with international activities in the EU and Bermuda.
Under the MoU, each authority has committed to support and assist the other when supervising insurance undertakings in their jurisdiction. The MoU may be terminated by either party provided the terminating authority gives ten days' written notice to the other authority.
A link to the MoU is here.
A link to the EIOPA press release is here.