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Insurance Supervision Department

The Insurance Supervision Department (ISD) is responsible for prudential regulation, supervision and inspection of Bermuda's insurance companies and intermediaries. ISD is also responsible for all licensing and authorisations matters related to insurance companies and intermediaries. The Funds Supervision Team, a sub-group within ISD, is responsible for regulation and supervision of Bermuda authorised and registered investment funds. Having the insurance and funds teams work closely together allows for more efficient and pragmatic regulation and supervision of alternative capital and insurance-linked securities structures. 
The Authority always seeks to act in the best interest of both current and prospective policyholders and investors while facilitating the continued development of viable, healthy, competitive and innovative financial services industry. Key elements of the Authority's supervisory regime include (i) codes of conduct; (ii) scrutinising quarterly and annual filings; (iii) prudential meetings with senior management as needed; (iv) performing on-site visits and inspections; (v) hosting or participating in supervisory colleges; and (vi) international cooperation with other regulators pursuant to Memorandum of Understandings and other legal gateways. 

Risk-based Supervisory Approach
The Authority's approach involves the application of appropriate supervisory intensity to key areas of risk, including where material amounts of business are transacted with unrelated parties. Reliance is placed on transparency and ongoing disclosures where counterparties are deemed to be sophisticated and capable of understanding their business risks and determining their degree of tolerance for them.
Cross-departmental Collaboration
ISD works closely with other departments across the Authority to provide supervision that reflects the nature, scale and complexity of registrants in accordance with the proportionality principle. 
Licensing and Authorisations
The department is responsible for the processing of all applications filed pursuant to the Insurance Act 1978. This includes applications for licensing, applications for deregistration, notification of material changes, requests for approvals and requests for exemption from or modification to the requirements stated in the legislation. When necessary, the team provides recommendations for developing appropriate policies to support the implementation of the regulatory and supervisory framework.
International Association of Insurance Supervisors 
The Authority is a charter member of the International Association of Insurance Supervisors (IAIS) and continues to be closely involved with that body to develop guidelines for global insurance regulation.
Investment Funds
The regulatory and supervisory framework for Bermuda authorised and registered investment funds places the obligations under the Investment Funds Act 2006 and the related Rules on the operator of the investment fund. The operator is responsible for ensuring that investors’ interests are protected and the assets of the investment fund are managed by fit and proper service providers in the best interests of its investors and in accordance with the objectives of the offering document.
International Affairs
The International Affairs function sits within (ISD) and serves as the liaison between the BMA and the international regulatory community. The International Affairs function works to maintain and strengthen the BMA’s contributions to international standards and other cross-border initiatives. The team is also tasked with keeping abreast of international policies and regulations and working to solidify relationships with other international regulators and international fora, such as the IAIS. The team also supports the development of the BMA’s insurance regulatory agenda and identifies and contributes to Bermuda’s response to key global challenges. 

Actuarial Services Department

The Actuarial Services Department is responsible for providing professional actuarial advice throughout the organisation, focusing on underwriting, reserving, investment, asset-liability management, assessment of risk aggregating processes, risk management, own risk and solvency assessment, capital requirements and capital management.

The Actuarial Services Department also:

  • Assists with the ongoing development of the Bermuda regulatory and supervisory regime, particularly in relation to valuation framework, capital requirements, risk management and actuarial requirements
  • Supports the insurance supervisory teams with onsite inspections, participation at colleges of supervisors and desk-based analyses on actuarial and risk-related matters
  • Is responsible for the design and execution of the approval process for internal capital models
  • Supports the development of risk and supervisory analytical tools
  • Supports with insurance applications and authorisation requests
  • Represents the Authority at various local and international meetings, namely in jurisdictional assessments and at the IAIS
  • Approves applications for new statutory actuarial appointments
  • Supports the publication of several industry-wide reports and studies
  • Supports banking supervision, namely on internal capital models and market risk matters

Banking, Trust, Corporate Services and Investments

The Banking, Trust, Corporate Services and Investments (BTCSI) Department is responsible for prudential regulation and supervision of firms licensed in these sectors. The Department, comprising senior analyst, managerial and administrative staff, is divided into three teams that are responsible for the initial approval and ongoing monitoring of licensee activities in accordance with the provisions of the legislative and supervisory framework. 
Relationship Management 
The Relationship Management (RM) Team is responsible for analysing and processing new applications for licensing and assessing/approving subsequent material changes, including changes of shareholders/controllers. In addition, the team conducts prudential meetings with licensees post licensing and on an ongoing basis and uses the prudential information and results from prudential filings to provide intelligence to the On-site Team to assist with the update of the BMA’s licensee risk matrix.
Regulatory and Monitoring 
The Regulatory and Monitoring (R&M) Team oversees the banking sector and other deposit-taking firms, including money service businesses and the credit union. The team is also responsible for the collection and analysis of data and prudential returns for these entities, the conduct of quarterly prudential meetings with senior management of banking licensees, the analyses of and recommendations on the setting of capital levels for the banking sector based on the BMA’s review of their capital review and risk profile filings, and contributions to financial stability-related work.
The On-site Team is responsible for planning and executing on-site reviews for all BTCSI licensees, managing the post review remediation activities and managing the Department’s risk matrix for all licensees. In this role the On-site Team works very closely with the RM and R&M teams and with the key senior executive of licensee firms.

Financial Technology

The Financial Technology (FinTech) Department is responsible for regulation, licensing and supervision for the FinTech sector, particularly digital assets businesses and digital asset issuers. 

Policy Development

The Policy Development Department provides critical input in achieving the Authority's strategic goals by creating a framework that supports objectives under the Bermuda Monetary Authority Act 1969. 
Regulatory policy development transforms international developments and regulatory issues into a suite of regulatory instruments, such as laws, regulations, codes and guidance notes, to achieve outcomes both practical to Bermuda's financial markets and prudent in their prevention of risks. This necessitates consultation with the Authority's key stakeholders, including the Government of Bermuda, the financial services sector and international partners.

Financial Stability and Research Department

The Financial Stability and Research department provides macroprudential surveillance of Bermuda’s financial system to identify vulnerabilities or threats through early warning indicators and mitigate said risks through purpose-built policies developed by the department.
The Department implements a robust recovery and resolution framework, promotes financial stability with key stakeholders in Bermuda and works collaboratively with international organisations to develop policies affecting Bermuda’s financial stability.
Additionally, it directs and oversees research projects on sector-specific issues and develops new quantitative approaches aimed at the assessment of systemic risk. The Department also works closely with the Authority’s Policy Development Department.

Legal Services and Enforcement 

The Legal Services and Enforcement Department (LED) provides legal advice to the Authority related to the exercise of its statutory powers under the Bermuda Monetary Authority Act 1969 and other financial services and related laws of Bermuda. 

The LED is also responsible for administering the enforcement framework for non-compliance matters involving regulated financial institutions and a range of related entities.

A member of LED is also responsible for performing the following functions:

  • Secretary to the Authority’s Board of Directors (Board)
  • Secretary to the Board’s Corporate Governance and Ethics Committee (CGEC) 
  • Secretary to the Board’s Legislative and Policy Committee 
  • Money Laundering Reporting Officer (MLRO) pursuant to the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008
  • Chief Compliance Officer with responsibility for monitoring and reporting to the CGEC on adherence to the Authority’s established due process requirements 
  • Whistle Blowing Officer
  • Oversight of the BMA’s Corporate Authorisations Department, which has responsibility for beneficial ownership and control and vetting of new businesses seeking to establish Bermuda operations and the transfer and issuance of shares, including engaging with industry regarding exchange control matters

Anti-Money Laundering/ Anti-Terrorist Financing

The Anti-Money Laundering (AML) Department works in tandem with the prudential teams on an entity-by-entity basis to ensure that all regulated entities under its remit are in compliance with Bermuda's Anti-Money Laundering/Anti-Terrorist Financing (AML/ATF) regulatory regime. The department also works in conjunction with the National Anti-Money Laundering Committee to ensure that Bermuda’s national legislative and regulatory framework remains in compliance with international standards. 

Data Science and Artificial Intelligence

The Data Science and Artificial Intelligence Department is responsible for leading the strategy and design of predictive models for risk-based supervision. The team identifies high-risk licensed institutions by implementing robotic process automation and ensuring effective supervisory frameworks for all sectors in the Bermuda market.

The Department has responsibility for building an advanced data analytics platform, using statistical techniques and machine learning models, to guide supervisors in identifying sector vulnerabilities and high-risk entities. This informs supervisory strategies in researching and identifying emerging risks and financial services innovations as well as making recommendations on adapting supervisory frameworks to implement innovative solutions. The team has responsibility for managing risk modelling of financial institutions for a forward-looking view of financial institution solvency and the probability of future solvency breaches over time.


The Authority's Operations Department is responsible for the following functions:

  • Finance and Currency Operations: This unit is responsible for safeguarding and issuing Bermuda's currency, including the development and distribution of banknotes and commemorative coins. It also conducts ongoing research regarding the security and durability of banknotes (currency production consists of inventory management and transportation). This unit is also responsible for the Authority's finance functions, including planning, budgeting, accounting and reporting.
  • Cyber Risk: The Cyber Risk Department is responsible for leading research on emerging cyber threats impacting the BMA. The team also has responsibility for the design of operational cyber risk supervisory frameworks for on-site and off-site supervision of licensed insurance and digital asset businesses. The Department's focus is to ensure operational cyber risk frameworks are aligned with international standards and are appropriate for these sectors. Team members work in consultation with supervisory teams to manage on-site schedules, operational cyber risk schedules and supervisory plans. 
  • Project Management Office: This unit is responsible for maintaining an enterprise-focused framework for the Authority to ensure standardisation, reduce duplication and leverage resources such as people, technology and communication. The unit's responsibilities include project definition and planning; cost/benefit analysis of projects; risk management; monitoring and control; support in undertaking project management processes and procedures; knowledge capture and dissemination; and the maintenance of projects tools, standards and processes.
  • Communications: This unit promotes the Authority's mission, vision and values to increase understanding, both locally and overseas, about the Authority and financial regulation in Bermuda. The Department's responsibilities include managing the Authority's internal and external communication strategies, including the Authority's external website and relationships with relevant media, government representatives, industry associations and the general public; providing support to the Chairman and senior Authority staff for public presentations and media events and giving direction about communications matters to all BMA departments; and developing the Authority's major external publications and strategic communications plans.
  • Human Resources: This unit provides an integrated human resources framework, including the recruitment and retention of skilled employees—which the Authority requires to achieve its strategic objectives—and the implementation of programmes to support the Authority's ongoing business needs (including learning and development). This unit also manages the Authority's Graduate Training Programme.
  • Management Services/Information Technology: This unit provides a unified, effective, efficient and adaptive IT environment and services that allow the Authority to carry out its responsibilities in a manner that is consistent with international standards and best practices. Services include:
    • Providing an IT environment that supports the Authority's requirement to have an appropriate e-business platform
    • Providing cohesive IT application development services to internal business clients
    • Developing and implementing an IT infrastructure that ensures continued delivery of essential services in a safe and secure manner
  • The Operations Department is also responsible for the Authority's Facilities and Enterprise Risk Management functions.
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