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Monetary Authority Release 2019 Annual Report

Monetary Authority Release 2019 Annual Report

The Bermuda Monetary Authority released its 2019 Annual Report, reflecting on its five decades of service to Bermuda’s financial sector & highlighting the achievements of its 50th Anniversary year. Jeremy Cox, Executive Chair, says, “It was a year in which we reinforced our commitment to the Authority’s value proposition by rolling up our... Read more of this article

BMA: Hold Virtual Meetings When Cannot Meet

BMA: Hold Virtual Meetings When Cannot Meet

“The Authority expects registrants to continue to conduct their board meetings virtually, by telephone, video conference, or other virtual means, where it is not practical to meet physically during this period,” the Bermuda Monetary Authority said. The BMA said, “The Bermuda Monetary Authority [Authority] recognises the significant... Read more of this article

BMA Continues Phased Reopening Of Offices

BMA Continues Phased Reopening Of Offices

As the Bermuda Monetary Authority [BMA] continues its phased return to its physical offices, it continues “to comply with the Government’s health guidelines and safety precautions, such as physical distancing and hygiene protocols.” The BMA said, “The Bermuda Monetary Authority [Authority or BMA] has been operating on a fully remote... Read more of this article

Digital Survey Technology Public Consultation

Digital Survey Technology Public Consultation

The Bermuda Monetary Authority [BMA] is issuing the proposed Digital Asset Issuance Statement of Principles & Digital Asset Issuance Rules 2020 for public consultation. The BMA said, “Following the enactment of the Digital Asset Issuance Act 2020 [Act], the Bermuda Monetary Authority [Authority] is issuing the proposed Digital Asset Issuance Statement... Read more of this article

Compre Receives Class 3A Reinsurer Licence

Compre Receives Class 3A Reinsurer Licence

Compre  announced that it has received regulatory approval from the Bermuda Monetary Authority [BMA] to establish a Class 3A reinsurer in Bermuda. A spokesperson said, “Compre, the independent specialist legacy acquirer, today announces it has received regulatory approval in principle from the Bermuda Monetary Authority [BMA] to establish a Class... Read more of this article

BMA: QS International Limited Is Not Licensed

BMA: QS International Limited Is Not Licensed

The Bermuda Monetary Authority [BMA] is advising the public that QS International Limited “is not regulated, authorised or licensed by the Authority.” The BMA said, “On 6 June 2020, the Bermuda Monetary Authority observed that QS International Limited on its webpage qsfingold.com falsely claimed that it had been licensed by the Authority... Read more of this article

BMA Grants Class 3A Insurer Licence To Evertas

BMA Grants Class 3A Insurer Licence To Evertas

Evertas, a cryptoasset insurance company announced that is has received its license from the Bermuda Monetary Authority to start operating as a ‘Class 3A’ insurer. A spokesperson said, “Evertas, one of the world’s first cryptoasset insurance companies, has received its licence from the Bermuda Monetary Authority to start operating from... Read more of this article

FPC Meeting: Economy, Tourism, Covid & More

FPC Meeting: Economy, Tourism, Covid & More

The response to Covid-19, the economy, business, immigration and tourism were some of the topics discussed as the Financial Policy Council [FPC] held their meeting via teleconference A Government spokesperson said, “The Financial Policy Council [FPC] held its thirteenth meeting on 30 April 2020 via teleconference. All members were able to participate... Read more of this article

Monetary Authority: Moving Forward Together

Monetary Authority: Moving Forward Together

[Bermuda Monetary Authority series] Series 5: Breaking New Ground The Bermuda Monetary Authority’s [BMA] 50th Anniversary has come to a close. With this fifth and final article, we highlight the most recent decade of the Authority’s incredible impact on Bermuda’s financial landscape. We hope you have enjoyed this series of retrospective articles,... Read more of this article

IGI Receives Approval For Tiberius Deal

IGI Receives Approval For Tiberius Deal

International General Insurance Holdings Ltd. [IGI] announced that it has received regulatory approval from the Bermuda Monetary Authority in connection with its previously announced business combination with Tiberius Acquisition Corp. [Tiberius],  a publicly traded special purpose acquisition company. A spokesperson said, “This approval, received... Read more of this article

BMA 2019 Captive Number Registration Statistics

BMA 2019 Captive Number Registration Statistics

As of 31 December 2019, Bermuda maintained its position as the premier jurisdiction for captives, with a total of 715 captives writing gross premiums of approximately $40 billion, according to the Bermuda Monetary Authority, who said that 22 new captives registered in 2019 compared to 19 in 2018. Craig Swan, Deputy CEO of the Bermuda Monetary Authority... Read more of this article

BMA Appoints Craig Swan As Deputy CEO

BMA Appoints Craig Swan As Deputy CEO

The Bermuda Monetary Authority’s Board of Directors announced today that Craig Swan has been appointed Deputy Chief Executive Officer [Deputy CEO] of the Authority, effective January 1, 2020. The BMA explained that the Deputy CEO position was “created to fulfil the BMA’s strategic objective of succession planning as the Authority prepares... Read more of this article

BMA Hosts 12th Financial Policy Council Meeting

BMA Hosts 12th Financial Policy Council Meeting

The Bermuda Financial Policy Council [Council] held its twelfth meeting on December 5th, hosted by the Bermuda Monetary Authority [BMA]. A Government spokesperson said, “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... Read more of this article