Hashtag: #BermudaMonetaryAuthority

Changes To Bermuda Monetary Authority Board

Changes To Bermuda Monetary Authority Board

The Bermuda Monetary Authority [BMA] announced changes to their Board, which includes a new Executive Chair and Deputy Chair. After nine years on the BMA Board, six as Chair, Gerald Simons has retired as Chair of the Board, and will be replaced by Jeremy Cox as Executive Chair for three years. Mr. Simons said, “Serving on the Board of the BMA has... Read more of this article

BMA Hosts 9th Financial Policy Council Meeting

BMA Hosts 9th Financial Policy Council Meeting

On 6th December 2018, the Bermuda Monetary Authority [BMA] hosted the ninth meeting of the Financial Policy Council [Council] at its offices in Hamilton, Bermuda. This was the first meeting chaired by the new Minister of Finance Curtis Dickinson. The role of the Council is to assess possible threats to Bermuda’s financial stability, and to identify... Read more of this article

BMA Alternative Capital & Captive Report 2018

BMA Alternative Capital & Captive Report 2018

The Bermuda Monetary Authority today [Dec 21] released its first annual BMA Alternative Capital Report 2018. Information contained in the Alternative Capital Report was extracted from Alternative Capital Schedules and Statutory Financial Returns submitted to the BMA by 30 June 2018. Craig Swan, Managing Director, Supervision, [Insurance] said “The... Read more of this article

BMA: Digital Asset Custody Code Of Practice

BMA: Digital Asset Custody Code Of Practice

The Bermuda Monetary Authority has released a draft Code of Practice for Digital Asset Custody [the Code] for consultation that “prescribes measures to ensure a high level of care when safeguarding client’s assets.” A spokesperson said, “The Digital Asset Business Act 2018 [the Act] makes provision for Digital Asset Business licences... Read more of this article

BMA Report On ‘Catastrophe Risk In Bermuda’

BMA Report On ‘Catastrophe Risk In Bermuda’

The Bermuda Monetary Authority has released its third annual ‘Catastrophe Risk in Bermuda’ Report. Craig Swan, Managing Director, Supervision [Insurance] said, “Bermuda is predominantly a wholesale reinsurance market offering a variety of risk transfer solutions, covering life and annuity, specialty and catastrophe risks. “Evidencing the... Read more of this article

BMA Eighth Meeting Of Financial Policy Council

BMA Eighth Meeting Of Financial Policy Council

On 13th September 2018, the Bermuda Monetary Authority [BMA] hosted the eighth meeting of the Financial Policy Council [Council] at its offices in Hamilton, Bermuda. The role of the Council is to assess possible threats to Bermuda’s financial stability, and to identify policies and actions to mitigate or eliminate such threats. It also advises the... Read more of this article

BII & BMA Join Forces For Talk On ILAC Process

BII & BMA Join Forces For Talk On ILAC Process

Experts from the Bermuda Monetary Authority are to hold a lunch and learn session to explain new licensing rules and ILAC process for new insurers and re-insurers. Organised by the Bermuda Insurance Institute [BII], the session will also look at the required documentation for new insurance applications for insurers and re-insurers as well as existing... Read more of this article

BMA Release Paper On Supervisory Approach

BMA Release Paper On Supervisory Approach

The Bermuda Monetary Authority [BMA] has published an occasional paper sharing its experience in developing a framework for identifying, assessing and understanding money laundering [ML] and terrorism financing [TF] risks within Bermuda’s insurance sector. A summary of this paper will also be featured in the forthcoming Financial Action Task Force... Read more of this article

BMA: Digital Asset Business Code Of Practice

BMA: Digital Asset Business Code Of Practice

The Bermuda Monetary Authority released the Digital Asset Business Code of Practice 2018 which “provides guidance on the duties, requirements, procedures, standards and sound principles to be observed by persons carrying on Digital Asset Business.” The introduction states, “This Code of Practice is made pursuant to section 6 of the... Read more of this article

BMA: Requirements For Digital Asset Businesses

BMA: Requirements For Digital Asset Businesses

The Bermuda Monetary Authority [BMA] has released an Information Bulletin outlining what documentation is required when submitting an application for a digital asset business [DAB] licence. “The Digital Asset Business Act 2018 [the Act] makes provision for DAB licenses. To supplement the Act, the Digital Asset Business [Cybersecurity] Rules 2018,... Read more of this article

BMA Hire Moad Fahmi For Fintech Supervision

BMA Hire Moad Fahmi For Fintech Supervision

The BMA has hired Moad Fahmi as a Senior Advisor, Supervision [Financial Technology], with Mr. Fahmi set to be responsible for the supervision of digital asset businesses. A BMA spokesperson said, “As stated in the Bermuda Monetary Authority’s [BMA] 2018 Business Plan, the BMA is committed to meeting the evolving and complex financial needs... Read more of this article

Byrne Appointed Vice Chair of IAIS Task Force

Byrne Appointed Vice Chair of IAIS Task Force

The Bermuda Monetary Authority’s [BMA] Chief Enforcement Officer Garrett Byrne has been appointed Vice Chair of the International Association of Insurance Supervisors’ [IAIS] Financial Crime Task Force. The IAIS is a global standard setting body which promotes effective and globally consistent supervision of the insurance industry. Its Financial... Read more of this article

BMA Cancel Intrepidus Insurance Registration

BMA Cancel Intrepidus Insurance Registration

The Bermuda Monetary Authority [BMA] has cancelled the insurance brokerage registration of Intrepidus Insurance Services, saying they are “taking this action to safeguard the interests of former, current and potential clients of the Company.” A spokesperson said, “The Bermuda Monetary Authority [the Authority] has cancelled the insurance... Read more of this article