Hashtag: #BermudaMonetaryAuthority
$29.3 Billion Paid To EU Customers Since 2016
Bermuda [re]insurers paid out US$29.3 billion to European Union [EU] policyholders and cedants for property and casualty losses and life insurance claims during the five-year period from 2016 to 2020, the Bermuda Monetary Authority said today. The BMA said, “This is according to commercial market claims data collected by the Bermuda Monetary Authority... Read more of this article
Monetary Authority Fines Allianz Life Bermuda
The Bermuda Monetary Authority has imposed civil penalties totalling $1,700,000 on Allianz Life Bermuda Limited. A spokesperson said, “The Bermuda Monetary Authority has imposed civil penalties totalling $1,700,000 on Allianz Life Bermuda Limited [Company] pursuant to sections 20 and 24A of the Proceeds of Crime [Anti-Money Laundering and Anti-Terrorist... Read more of this article
BMA: $2.7B Shows Key Role Bermuda Plays
Bermuda [re]insurers have estimated that they will incur gross claim losses of US$2.7 billion as payments to United States policyholders/cedants to cover the damaging effects of Winter Storm Uri, which wreaked havoc in the southern region of the US, particularly Texas. This is according to commercial market claims data collected by the Bermuda Monetary... Read more of this article
Financial Policy Council To Hold 17th Meeting
The Financial Policy Council [FPC] will be holding its seventeenth meeting on Friday, July 23rd, via teleconference. A Government spokesperson said, “Consistent with its mandate to provide advice on current and potential economic and financial developments and threats, items on the agenda will include discussions on international tax developments... Read more of this article
BMA Appoints Donald Scott As New Chairman
The Bermuda Monetary Authority announced that Donald Scott has been appointed Chairman, effective October 1st, 2021. A spokesperson said, “The Bermuda Monetary Authority has announced that the Authority’s Deputy Chairman, Mr. Donald Scott, has been appointed by the Minister of Finance to serve as Chairman of the Board with effect as of and from... Read more of this article
BMA Public Warning: Fraudulent Cheques
The Bermuda Monetary Authority [BMA] said they are “aware that fraudulent cheques have been created in the United States which falsely appear to have been issued from a US bank account operated by the Authority.” A spokesperson said, “On 15 June 2021, the Bermuda Monetary Authority [the Authority] is aware that fraudulent cheques have... Read more of this article
BMA Provides Update: Holding Board Meetings
“The Authority expects registrants to continue to conduct their board meetings virtually, by telephone, video conference or other virtual means, when it is not practical to meet physically during this period,” the Bermuda Monetary Authority said. The BMA said, “The Bermuda Monetary Authority recognises that Covid-19 continues to pose challenges... Read more of this article
‘Increasing Focus On Climate Change Matters’
The Bermuda Monetary Authority said they are ”increasing its focus on climate change matters with the introduction of a regulatory and supervisory team specialising in the licensing and supervision of innovative business model proposals to address climate change risk and the associated protection gap.” A BMA spokesperson said, “The... Read more of this article
BMA Publishes Climate Change Survey Report
“The topic of climate change is a high priority for a broad range of insurance companies, no longer being considered by only a niche sector in the market,” according to a climate change report published by the Bermuda Monetary Authority [BMA]. A spokesperson said, “The Bermuda Monetary Authority [Authority or BMA] published the results... Read more of this article
15th Meeting Of Financial Policy Council Held
The Financial Policy Council [FPC] held its fifteenth meeting on December 3rd 2020 via teleconference. All members were able to participate on the call. “The meeting focused on pathways to sustainable growth in Bermuda, discussing both risks and opportunities emerging from the new economic conditions created domestically and globally by the Covid-19... Read more of this article
BMA Warn About Fake ‘Certificate of Converting’
The Bermuda Monetary Authority [BMA] said they have ”been made aware of a fraudulent document being included in targeted social media messages” which has “misappropriated the name and logo of the Authority.” A spokesperson said, “The fraudulent document, a “Certificate of Converting”, has misappropriated the name... Read more of this article
BMA, Wyoming Division Of Banking Sign MOU
The Bermuda Monetary Authority [BMA] and the Wyoming Division of Banking [WDOB] announced today their joint Digital Assets Memorandum of Understanding [MoU]. The BMA explained that this MoU “creates a framework under which the BMA and the WDOB can co-operate to facilitate the establishment of digital assets entities across jurisdictions and their... Read more of this article
BMA: Fraudulent Bank Of Nevis Website
The Bermuda Monetary Authority is advising the public of a “fraudulent website which falsely claims to be a crypto bank operating from an address in Bermuda and which falsely uses the name of a real bank.” A spokesperson said, “The Bermuda Monetary Authority [the Authority] has been made aware of a fraudulent website at www.bankofnevis.com... Read more of this article
BMA Cancels Registration For Breaches Of Act
The Bermuda Monetary Authority [BMA] has “cancelled the insurance registration of Economic Risk Insurance, Ltd., a Class 3 insurer, for breaches of the Insurance Act 1978.” A spokesperson said, “Exercising its powers to cancel the registration of the Company pursuant to the provisions of sections 41[1][b][ii], [iv] and [v] of the Insurance... Read more of this article
BMA Fines Crown Global Life Insurance $400K
The Bermuda Monetary Authority has “imposed civil penalties totalling $400,000 on Crown Global Life Insurance Ltd. and Crown Global Life Insurance [Bermuda] Ltd. [the Companies] pursuant to the provisions of section 20 of the Proceeds of Crime [Anti-Money Laundering & Terrorist Financing Supervision & Enforcement] Act 2008.” A... Read more of this article
BMA Revokes Phoenix Law Chambers’ Licence
The Bermuda Monetary Authority has revoked the corporate service business provider licence of Phoenix Law Chambers. The BMA said, “The Bermuda Monetary Authority [Authority] has revoked the corporate service business provider Licence of Phoenix Law Chambers [PLC], a Corporate Service Provider [CSP], for breaches of the Corporate Service Business... Read more of this article
