Walter Bell Appointed to Bermuda Monetary Authority’s Board

July 1, 2008

The Bermuda Monetary Authority (BMA) announced that it has appointed Walter A. Bell to a position on its Board of Directors, as its first international member.

The BMA regulates financial services for Bermuda-based companies, including the all-important insurance sector.

Bell, one of the U.S. most experienced regulators, currently serves as Alabama Insurance Commissioner. He is also the Vice Chairman of the International Association of Insurance Supervisors (IAIS), and serves on the US National Association of Insurance Commissioners’ (NAIC) Executive Committee as the Immediate Past President of the organization.

His appointment underlines the BMA’s commitment to bring its regulatory standards up to the highest international levels.

In welcoming Bell’s appointment to the Board, its Chairman, Alan Richardson, commented: “Mr. Bell brings a depth of experience to the Board from his background as both a seasoned financial services professional and a leader in US and international insurance regulation.

“The recognition he has received for his work in both these areas is clearly a testament to his effective leadership and strategic vision. He has also been a proponent of seeking to achieve efficiencies in insurance regulations that have global impact, most notably during his tenure as President of the NAIC. His pragmatic approach as a regulator, and his international perspective as the current Vice Chairman of the IAIS, will no doubt underpin his contribution to the work and deliberations of the Board, and will be invaluable to the Authority and Bermuda.”

“The Directors of the BMA look forward to working with Mr. Bell as he takes up his appointment. Members of the Authority’s senior management team have had interactions with Mr. Bell as the BMA has participated in supervisory meetings and committees of the IAIS and NAIC in the course of its international regulatory activities. The Authority now anticipates extending that relationship and benefiting from his expertise as a BMA Board Director.”

Bell will be filling some big shoes. He will take over the Board position left vacant by Brian Duperreault, when he accepted the position as MMC’s CEO.

Commenting on Duperreault’s departure Richardson stated: “We would also like to recognize the valuable contribution that Mr. Brian Duperreault brought to the Authority during his tenure as a BMA Board Director. Brian’s insight from his extensive experience in industry provided the Authority with beneficial and constructive input on numerous strategic policy issues. We thank him and wish him well in his new role within the insurance industry.”

Source: Bermuda Monetary Authority – www.bma.bm

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