Hashtag: #BermudaMonetaryAuthority

BMA Expanding Community Outeach In 2019

BMA Expanding Community Outeach In 2019

In honour of its five decades of service to Bermuda this year, the Bermuda Monetary Authority [BMA] is expanding its community outreach throughout 2019. The BMA is partnering with a number of the island’s charities whose missions address five categories that include: children and families; arts and culture; the environment; education; and seniors. Five... Read more of this article

BMA Fine Colonial Pension Services $200,000

BMA Fine Colonial Pension Services $200,000

The Bermuda Monetary Authority has imposed a civil penalty on Colonial Pension Services Ltd in the amount of $200,000. “The civil penalty is imposed on the Company for breaching a condition of the Company’s licence and for committing multiple breaches of the Investment Business [Client Money] Regulations 2004 [the Regulations],” the BMA... Read more of this article

Bermuda Monetary Authority Celebrates 50 Years

Bermuda Monetary Authority Celebrates 50 Years

The Bermuda Monetary Authority [BMA] is celebrating 50 years in 2019, supervising, regulating and inspecting financial institutions. The BMA also issues Bermuda’s national currency, manages exchange control transactions, assists other authorities with the detection and prevention of financial crime, and advises Government on banking and other financial... Read more of this article

BMA: Captive Premiums Of Approximately $40B

BMA: Captive Premiums Of Approximately $40B

The Bermuda Monetary Authority [BMA] said they “had a total of 711 active captives [re]insurance licences on its register on 31 December 2018, totalling captive premiums at approximately $40 billion.” Saying that Bermuda maintains its position as the “premier jurisdiction for captives,” the BMA noted that nineteen new captives... Read more of this article

BMA Joins Global Financial Innovation Network

BMA Joins Global Financial Innovation Network

The Bermuda Monetary Authority [BMA] has joined the Global Financial Innovation Network [GFIN], which is a group of 29 international organisations “committed to supporting financial innovation in the interests of consumers.” “GFIN seeks to provide an efficient way for innovative firms to interact with regulators, including a cross-border... Read more of this article

‘Increase In New Re/insurance Registrations’

‘Increase In New Re/insurance Registrations’

The Bermuda Monetary Authority [BMA] said they “recorded a year-on-year increase in new [re]insurance registrations, from 58 in 2017 to 75 in 2018.” “The greatest year-on-year growth was experienced by Bermuda’s commercial [re]insurance sector, i.e. Class 3A, 3B, 4 general business and Class C, D, E long-term [re]insurers; 28 new... Read more of this article

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