Hashtag: #BermudaMonetaryAuthority

Reinsurers Pay Out Over $70B To EU Customers

Reinsurers Pay Out Over $70B To EU Customers

Bermuda [re]insurers have paid out US$72.8 billion to European Union [EU] policyholders and cedants over the past 20 years, according to commercial market claims data collected by the Bermuda Monetary Authority, who said this $72.8 billion, roughly half [$36.8 billion] was paid to UK customers. The information comes from the Authority’s first EU... Read more of this article

XL Receives BMA Internal Model Approval

XL Receives BMA Internal Model Approval

XL Group Ltd announced that the Bermuda Monetary Authority has approved the use of a full internal model [ICM] to calculate the Company’s and its wholly owned subsidiary, XL Bermuda Ltd’s, respective enhanced capital requirements [ECR] in substitution of the Bermuda Solvency Capital Requirement [BSCR] standard formula. XL’s 2017 ECR ratio using... Read more of this article

BMA Warn Of EKC Advisory Course Fraud

BMA Warn Of EKC Advisory Course Fraud

The Bermuda Monetary Authority is advising the public “to be alert to a fraudulent e-mail from an entity calling itself ‘EKC Advisory’ inviting persons to enroll in an Anti-Money Laundering and CFT Regulatory Compliance course in Bermuda.” The BMA said, “The course fee is typically quoted as being $1,200 per person. The Authority... Read more of this article

BMA: Company Winds Up Due To Rule Breaches

BMA: Company Winds Up Due To Rule Breaches

The Bermuda Monetary Authority said they have “successfully petitioned the Supreme Court of Bermuda to wind up Cumulus Eastern European Property Fund Limited [Cumulus] pursuant to section 36[1][b] of the Investment Funds Act 2006 [the IFA] and the provisions of the Companies Act 1981. Cumulus was authorised as a Standard Fund on 30th May 2012... Read more of this article

Over 100 People Attend Q&A Panel Session

Over 100 People Attend Q&A Panel Session

KPMG in Bermuda hosted over 100 professionals from across Bermuda’s Banking, Insurance, Investment, and Legal sectors at a Q&A panel session on Tuesday, May 2nd at the Trade Winds Auditorium of the BUEI. Panellists from the Office of the National Anti-Money Laundering Committee [NAMLC] and the Bermuda Monetary Authority [BMA] responded to questions... Read more of this article

Re/Insurers Record $108.5B In Net Premiums

Re/Insurers Record $108.5B In Net Premiums

The Bermuda Monetary Authority today [April 24] released the latest market statistics for Bermuda’s [re]insurance sector. “Most recent information based on annual filings shows that overall Bermuda’s [re]insurers recorded $108.5 billion in net premiums [previously $116.2 billion], held $200.8 billion of capital [$214.5 billion] and had total assets... Read more of this article

BMA: “Ka Trading Corporation” Is Not Licenced

BMA: “Ka Trading Corporation” Is Not Licenced

The Bermuda Monetary Authority [BMA] is advising the public about “KA Trading Corporation Ltd” — which has been offering its services via a Facebook page — saying that this entity is not “regulated, authorised or licensed by the Authority.” A spokesperson said. “The Bermuda Monetary Authority advises the public... Read more of this article

Sun Life Investments Bermuda Fined $1.5 Million

Sun Life Investments Bermuda Fined $1.5 Million

The Bermuda Monetary Authority has imposed civil penalties totalling $1,500,000 on Sun Life Financial Investments [Bermuda] Ltd pursuant to the provisions of section 20 of the Proceeds of Crime [Anti-Money Laundering & Terrorist Financing Supervision & Enforcement] Act 2008, and restricted the Company’s Investment Business licence pursuant... Read more of this article

Captive Insurance Register Maintains Stability

Captive Insurance Register Maintains Stability

The Bermuda Monetary Authority today [Feb 13] confirmed Bermuda had 776 active captive licences on its register as at 31st December 2016. The Authority’s definition of a captive [i.e., an insurer predominantly formed to self-insure the parent company] includes: Class 1, 2, 3 general business insurers and Class A and B Long-Term [life] insurers.Bermuda’s... Read more of this article

EIOPA & Bermuda Monetary Authority Sign MOU

EIOPA & Bermuda Monetary Authority Sign MOU

[Updated] The European Insurance and Occupational Pensions Authority [EIOPA] and the Bermuda Monetary Authority [BMA] signed a Memorandum of Understanding [MoU]. The MoU provides the framework for regular exchanges of information, and sets forth the basis for further cooperation and increased mutual understanding in view of ensuring optimal supervision... Read more of this article

BMA Hosts 4th Financial Policy Council Meeting

BMA Hosts 4th Financial Policy Council Meeting

On 5th December, the Bermuda Monetary Authority hosted the fourth meeting of the Financial Policy Council [Council] 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... Read more of this article

Three Bermudian Graduate Trainees Join BMA

Three Bermudian Graduate Trainees Join BMA

Three talented young Bermudians have joined the Bermuda Monetary Authority’s Graduate Training Programme [GTP], which is designed to prepare university graduates for a career in financial services regulation. “The Authority’s unique GTP was started nine years ago and has gone from strength to strength. Its purpose is to develop talent for... Read more of this article

BMA Release Foreign Portfolio Holdings Statistics

BMA Release Foreign Portfolio Holdings Statistics

The Bermuda Monetary Authority today [Nov 30] released findings from an analysis of the Bermuda-based financial sector and government to determine where and how they invest foreign portfolio holdings. “The Coordinated Portfolio Investment Survey [CPIS] is conducted annually by the Authority with the results becoming part of a broader international... Read more of this article