Hashtag: #BermudaMonetaryAuthority

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

BMA Licensing Specialists To Speak At BII Event

BMA Licensing Specialists To Speak At BII Event

Specialists from the Bermuda Monetary Authority will speak at a lunch and learn session examining the Insurance Licensing and Advisory Committee [ILAC] registration requirements for all classes of insurance entities. Organised by the Bermuda Insurance Institute [BII] and sponsored by EY and Conyers Dill & Pearman, it is aimed primarily at insurance... Read more of this article

‘Regulation Of Financial Holding Companies’

‘Regulation Of Financial Holding Companies’

The Bermuda Monetary Authority [BMA] has released a discussion paper on regulation of financial holding companies. “The purpose of this Discussion Paper [DP] is to elicit discussion on and receive feedback on the structure of a regime for the regulation of Financial Holding Companies [FHCs] in Bermuda,” the BMA said. ”Comments and... Read more of this article

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