Mr. Craig Swan, Deputy Chief Executive Office of the Bermuda Monetary Authority (BMA) stated, “We are delighted and value this membership. The BMA’s intention is to continue to contribute the organization’s collective efforts while enhancing our relationship with Caribbean supervisors.”
Lt. Gov. Tregenza A. Roach Esq. of USVI stated, “I am pleased with the favorable outcome and thank the team at the Division of Banking, Insurance and Financial Regulation for all their efforts and due diligence. The decision to seek CAIR’s membership come out of recognition of our share interest and responsibilities.”
Mr. Ruwan Jayasekera stated, “Addition of Bermuda and USVI as full members of CAIR is a significant milestone in CAIR’s ongoing efforts to expand its membership to become a stronger Association in order to support the development and enforcement of insurance regulation in the region according to internationally accepted standards. Bermuda and USVI are matured insurance jurisdictions and their addition to the Association will benefit existing members.”
All applicants are subject to be reviewed by the Executive Council and consideration at a General Meeting. On 18 June 2020, members unanimously agreed for both jurisdictions appointment as members of CAIR. A complete list of members can be found here on the CAIR website.