Alabama Commissioner Walter Bell Joins Bermuda Monetary Authority as Director

Alabama Insurance Commissioner Walter Bell has been appointed to the board of the Bermuda Monetary Authority.

Bell, an immediate past president of the National Association of Insurance Commissioners, will become the first international member of BMA's board. He is replacing Brian Duperreault, the former chairman of Bermuda-based Ace, who vacated the board when he accepted the chief executive officer position at Marsh & McLennan Cos.

BMA Chairman Alan Richardson, in a statement, said Bell brings a depth of experience "from his background as both a seasoned financial services professional and a leader in U.S. and international insurance regulation."

Currently, Bell is vice chairman of the International Association of Insurance Supervisors and a member of the NAIC executive committee. According to Richardson, BMA's senior management team, in the course of its involvement with the IAIS and NAIC, have had interactions with Bell and expect his appointment to further strengthen the authority's relationship with the other regulatory agencies.

Before he became an insurance regulator, Bell spent 20 years in financial services. He was a banker in Mobile, Ala., and also worked for MONY Group.

The BMA regulates financial institutions operating in Bermuda. It also issues the national currency, assists in detection and prevention of financial crime, and advises the government and public bodies on banking and financial matters, among other roles.

Recently, the agency proposed a major change in the classification of certain Bermuda insurers and reinsurers who hold Class 3 licenses. The regrouping is meant to enhance regulation and more accurately reflect the amount of commercial insurance activity the companies undertake (BestWire, June 19, 2008).

(By David Dankwa, senior associate editor, BestWeek: [email protected])