Curtis Dickinson, the finance minister, praised the work of financial-services regulator, the Bermuda Monetary Authority, in earning the island a valuable designation from the United States.As announced last week by the BMA, the island has been granted both qualified and reciprocal jurisdiction status by the National Association of Insurance Regulators, the body that represents US insurance regulators.This status means Bermuda re/insurers will be eligible for zero collateral relief, allowing them to compete under the same conditions as peers based in the European Union and the United Kingdom.Speaking in the House of Assembly on Friday, Mr Dickinson said: “Bermuda is in the financial services business and thousands of jobs, both Bermudian and guest workers alike, depend on the success of this sector. “The Government therefore is committed to helping Bermuda’s financial institutions succeed in global markets. This decision directly supports our commitment to the financial services sector and the livelihoods of those employed in it.“I wish to express my sincere thanks to Jeremy Cox [BMA executive chairman] and the Bermuda Monetary Authority team for doing such an excellent job, with tireless effort, in orchestrating the regulatory requirements that have led to the NAIC granting Bermuda reciprocal jurisdiction status. “This result is indeed a feat of determination, endurance and extraordinary discipline.”