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BMA Highlights Bermuda Market At RIMS

BMA Highlights Bermuda Market At RIMS

Bermuda Monetary Authority [BMA] Chief Operating Officer Shanna Lespere is highlighting the Bermuda market at the 2018 Risk Management Society’s [RIMS] annual conference, currently underway in San Antonio. A spokesperson said, “2017 saw increased activity for Bermuda Monetary Authority [BMA or Authority] with an emphasis on developing global... Read more of this article

Regulation Of Virtual Currency Business Paper

Regulation Of Virtual Currency Business Paper

The Bermuda Monetary Authority [BMA] released a 150-page consultation paper on the ‘regulation of virtual currency business’ with the paper’s stated objective to provide outline for the e”ffective regulation of service providers within the virtual currency business industry” in Bermuda. The paper notes, “Much of... Read more of this article

BMA: Increased Reinsurance Registrations

BMA: Increased Reinsurance Registrations

The Bermuda Monetary Authority [BMA] said they have “experienced a recent uptick in re/insurance registrations” with the BMA saying  registrations for the first two months of 2018 included 11 re/insurers, which compares to five new re/insurers in the same period last year. “Registrations for the first two months of 2018 include 11... Read more of this article

BMA: Seventeen New Captives Register In 2017

BMA: Seventeen New Captives Register In 2017

Bermuda Monetary Authority [BMA] had a total of 739 active captive insurance licences on its register on 31st December 2017, with seventeen new captives registering in 2017, compared to 13 in 2016. BMA CEO Jeremy Cox said, “The majority of the new captives originated in the US but they also came from Europe, Canada, Australia and Latin America. Both... Read more of this article

BMA Co-Vice Chairs For New IAIS Committees

BMA Co-Vice Chairs For New IAIS Committees

Two members of Bermuda Monetary Authority’s [BMA] senior management team will serve as Co-Vice Chairs [the first time at a Committee level] for the International Association of Insurance Supervisors [IAIS]. The Committees were created as part of a broad IAIS restructure aimed at adapting to emerging needs in global regulation and supervision. Craig... Read more of this article

BMA Advise Of Risks With Initial Coin Offerings

BMA Advise Of Risks With Initial Coin Offerings

Initial Coin Offerings [ICOs] — in which investors use cryptocurrency – are “not subject to prudential regulation” the Bermuda Monetary Authority [BMA] said today, with the BMA urging the “investing public to be prudent and mindful of their accountability for their actions in this increasingly fast-moving and complex... Read more of this article

BMA Hosts 6th Financial Policy Council Meeting

BMA Hosts 6th Financial Policy Council Meeting

The Bermuda Monetary Authority [BMA] hosted the sixth meeting of the Financial Policy Council [Council or FPC] at its offices in Hamilton, Bermuda. The Council, established in 2015, advises the Ministry of Finance and the Authority on financial system stability in Bermuda. Its purpose is to assess possible threats to Bermuda’s financial stability,... Read more of this article

NAIC & BMA Hold 5th Regulatory Dialogue

NAIC & BMA Hold 5th Regulatory Dialogue

Representatives from the National Association of Insurance Commissioners [NAIC] met this week in Bermuda for the fifth semiannual NAIC–Bermuda Monetary Authority [BMA] Insurance Regulatory Dialogue. “Our relationship with the BMA reinsurance industry is very important to U.S. state regulators,” said Ted Nickel, NAIC President and Wisconsin... Read more of this article

‘Where Does Financial Stability Now Stand?’

‘Where Does Financial Stability Now Stand?’

A panel of experts in the financial services world recently addressed the topic “10 Years After The Financial Upheaval: Where Does Financial Stability Now Stand? ” The occasion was a Bermuda Monetary Authority [BMA] industry event held following the conclusion of a meeting of the Group of International Financial Centre Supervisors [GIFCS].... Read more of this article

BMA Release Captive Insurance & SPI Report

BMA Release Captive Insurance & SPI Report

Statistics on Bermuda’s captive insurance and Special Purpose Insurers [SPIs] market are now available in a published report. BMA Captive / SPI Report 2017 contains information submitted through Bermuda Monetary Authority’s [BMA] Electronic Statutory Financial Return [E-SFR] system. E-SFR was launched in April 2016 for financial year-end returns... Read more of this article

BMA: Foreign Portfolio Holdings Increase In Value

BMA: Foreign Portfolio Holdings Increase In Value

The value of Bermuda’s foreign portfolio investment assets increased by 8% in 2016 as a result of growth in the insurance sector’s total assets according to the latest Coordinated Portfolio Investment Survey [CPIS] released by the Bermuda Monetary Authority. The CPIS is part of the International Monetary Fund’s [IMF] comprehensive international... Read more of this article

BMA Macroprudential Risk Report Released

BMA Macroprudential Risk Report Released

Bermuda [re]insurers remained profitable and well capitalised in 2016, despite soft pricing, an abundance of capital and competition from the Insurance Linked Securities market according to a new report from the Bermuda Monetary Authority [BMA]. The purpose of the report is to enhance the BMA’s macroprudential surveillance function, increase transparency,... Read more of this article

$208 Billion Paid To US Customers Since 1997

$208 Billion Paid To US Customers Since 1997

Bermuda reinsurers paid out US$208.7 billion to US policyholders and cedants for large catastrophes, related property insurance and general liability losses over the past 20 years, according to commercial market claims data collected by the Bermuda Monetary Authority. “From 1997 to 2006, claims payments to US policyholders and cedants totalled... Read more of this article