The following represents the procedure involved in the incorporation and registration process for commercial and captive insurance companies. Please note that the Registrar of Companies is a separate agency from the Bermuda Monetary Authority. You may view their website here: https://www.gov.bm/department/registrar-companies
The following represents the procedure involved in the incorporation and registration process for commercial and captive insurance companies.
- Submit preferred name, with two alternate names
- Will be reserved for three months
Apply to Bermuda Monetary Authority (BMA) to Incorporate Company
Complete Pre-incorporation Documents (details of ownership, company administration, business plan, 5-year pro- forma financial projections)
Submit application to register Memorandum of Association to Registrar of Companies
Registrar will proceed only after receiving consent from Bermuda Monetary Authority
Incorporation Applications Approved
Incorporate and Capitalise Company and Convene Organisational Meeting
Submit Licensing Application to the BMA for Review by the Insurance Assessment and Licensing Committee;
successful applications approved for licensing
Certificate of incorporation and application for registration submitted to the BMA’s Licensing and Authorisations Department
The BMA Issues Insurance Licence
Company Begins Operating
