Tom joined Clearwater in 2012 and is a Team Lead in the Client Services department. In this role, Tom heads up a team of reporting managers, analysts, and account managers and works with insurers of all sizes to ensure they get the most out of the Clearwater solution. During his time at Clearwater, Tom spent two years in the UK working with our Solvency II and Lloyd’s insurers. Currently, he specializes in supporting our Bermuda-based insurers. When he’s not busy solving investment reporting related problems, Tom is an avid traveler and enjoys music and comedy.
Tom has a bachelor’s in accounting and finance from Boise State University.
While Bermuda is in the final steps of its quest for Solvency II equivalence, the Bermuda Monetary Authority (BMA) has not yet been granted equivalence by the European Parliament and Council. Approval is expected in the next three to six months; in the meantime, Solvency II reporting requirements remain unclear and uncertain.
In an effort to add certainty to the reporting requirements for Bermuda-headquartered insurers with a presence in the United Kingdom, the Prudential Regulation Authority (PRA) published a modification to its reporting requirements. This modification is intended to act as a bridge from 1 January 2016 to 1 January 2017, or until Bermuda’s equivalence is confirmed and takes effect.
According to the PRA’s rule modification, Bermuda insurance groups and the UK holding company must provide: