A number of Bermuda registered (re)insurers operate within a group structure; being part of a group may have both a positive and negative impact on an insurer’s financial position, risk profile and overall prudential position. Therefore, the Bermuda Monetary Authority established a group supervision framework for insurance groups in which the Authority acts as Group Supervisor since the insurance groups’ primary operations are controlled and managed from Bermuda. To access the Bermuda Insurance Group filings, please click here.
Structure, Organisation
- Click here for a list of the Authority's Board of Directors
- Click here for a list of the Authority's Board Committees
Legislation
- Click here for the legislation page of the Authority’s website
The Authority’s Mission
To protect and enhance Bermuda’s reputation and position as a leading international financial centre, utilising a team of highly skilled professionals acting in the public interest to promote financial stability, safeguard Bermuda’s currency and provide effective and efficient supervision and regulation.
- Click here for a list of the Authority’s Executive team.
Services provided
The Authority is the island’s financial services regulator and is responsible for the regulation and supervision of Bermuda’s banks, trust companies, investment businesses, investment funds, fund administrators, money service businesses, corporate service providers, digital asset businesses, credit unions and insurance companies. The Authority also regulates the Bermuda Stock Exchange and Credit Union, and is responsible for issuing and redeeming Bermuda’s currency, managing exchange control and transactions in foreign currency or gold.
Cost of these services
- Click here for the Authority’s annual fees document
Programmes
- Consumer Education Programme
- Graduate Training Programme
The Authority holds a variety of internal records, with many of these documents having confidential security classifications, i.e. financial services company filings. Other records comprise documentation used in the supervision of Bermuda’s financial services sector including reviews, summaries, financial stability assessments and supporting information; personnel files and administration files; documents relating to the Authority’s (i) Legal Services and Enforcement function; (ii) exchange control and currency functions; and (iii) Communications Department functions. Such records have security classifications of restricted, private, or general, as appropriate.
The Authority holds a number of Codes of Practice, Codes of Conduct, Policies and Procedures, Employee Handbook, Consultation Papers, Information Bulletins, Statement of Principles and Guidance Notes.
The Authority has a number of internal-policies and procedures and internal committees in place which it uses to make decisions relating to licensees that it supervises and regulates.
Bermuda Monetary Authority’s Information Officer
Name: Dina Wilson, Deputy Director, Legal Services and Enforcement
Email address: pati@bma.bm
Contact Numbers: Tel (441) 278-5278; Fax (441) 292 7471
Address: BMA House, 43 Victoria Street, Hamilton, HM 12, Bermuda
- Click here for a list of the Authority’s Annual Reports
- Click here for the Authority’s Business Plans
- Click here for a list of the Authority’s Regulatory Updates
- Click here for a list of the Authority’s Bermuda ILS Market Reports
- Click here for a list of the Authority’s Quarterly Banking Digests
For a detailed account of the Authority’s Financials, please see the link to the Authority’s Annual reports in Section H above.
Every public authority shall update its information statement at least once a year.
Date Information Statement was updated: 26 November 2019
Locations of Information Statement
- The Authority’s office: (BMA House, 43 Victoria Street, Hamilton)
- The Bermuda National Library
- The Bermuda Archives
- Available electronically (by request to pati@bma.bm)
- Website for public authority (www.bma.bm)
- Notice published in The Royal Gazette, 31st March 2015 with Information Statement locations
- The Office of the Information Commissioner
