The Bermuda Monetary Authority (BMA) has now launched its awaited consultation process that proposes a dedicated regulatory framework for a new Parametric Special Purpose Insurance (PSPI) class of company (a Parametric Special Purpose Insurer).
As the island’s financial market regulator, the Bermuda Monetary Authority (BMA) aims to stimulate innovation within established sectors and this new class of insurance company sees it looking to secure an even greater role for Bermuda in what remains seen as a key area with growth potential, parametric risk transfer and parametric insurance-linked securities (ILS).
We first reported on this move last October, when the BMA was finalising plans to develop a new insurer class focused on parametric risk transfer and Taijaun Talbot, Assistant Director, Supervision (Insurance) BMA, announced an impending consultation process at this ILS Bermuda Convergence conference.
FULL ORIGINAL PUBLICATION HERE