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HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) released its 2024 Business Plan today.
HAMILTON, BERMUDA – On Tuesday 8 March 2022, the Bermuda Monetary Authority (Authority or BMA) was made aware of a fraudulent e-mail targeted at Bermuda’s financial services entities which falsely gives that appearance o...
HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) has cancelled the insurance registration of Signify Insurance Ltd. (Company), a Class 1 insurer, for breaches of the Insurance Act 1978 (Insurance Act...
HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA), exercising its powers pursuant to the provisions of Section 32H of the Insurance Act 1978 (Insurance Act) has issued an order of prohibition against...
HAMILTON, BERMUDA – Today, the Bermuda Monetary Authority (Authority or BMA) released its 2022 Business Plan. The document synopsises the Authority’s objectives and initiatives for the year ahead.
HAMILTON, BERMUDA – Bermuda (re)insurers estimate that they will incur gross claim losses of US$6 billion as payments to United States (US) policyholders and cedants to cover the damaging effects of Hurricane Ida, which...
Please be advised that the BMA will be closed from 3 p.m. on Friday, 24 December 2021 and will resume operations on Wednesday, 29 December 2021 at 8:30 a.m. The BMA will also be closed on Monday, 3 January, 2022 to obser...
HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) announced today that
Chief Actuary, Ricardo Garcia, who also serves as Vice-Chair of the International Association of Insurance
Supervis...
The Bermuda Monetary Authority (Authority or BMA) released the 2020 BMA Captive Report today. This report highlights the market results from the 2019 year-end statutory financial returns by general business captive insur...
HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) announced today that Ashley Kibblewhite has been appointed as the Director of its Banking, Trust, Corporate Services and Investments (BTCSI) Departmen...
Frauds and Scams Prevention
A smart investor:
Avoids “get rich quick” and “can't lose” schemes; if it looks too good to be true, it probably is
HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) today welcomes Craig
Swan and Donald Scott as they step into their new roles as Chief Executive Officer (CEO) and Chairman of the
Board...
HAMILTON, BERMUDA – Deeply saddened by the passing of Senior Advisor Marcia Woolridge-Allwood, the Bermuda Monetary Authority (Authority or BMA) has provided an avenue for the financial services industry and associated o...
HAMILTON, BERMUDA – The Bermuda Monetary Authority (Authority or BMA) completed its United Kingdom (UK) Data Claim Survey in June 2021, with the data showing that, during the five-year period from 2016 to 2020, Bermuda (...
The Bermuda Monetary Authority (Authority or BMA) is aware that ThinkMarkets issued a press release on 17 August 2021 in which it falsely claimed to have a licence issued by the Bermuda Monetary Authority.
HAMILTON, BERMUDA – Bermuda (re)insurers paid out US$209.6 billion to United States (US) policyholders and cedants for large catastrophes, property and casualty losses and life insurance claims during the five-year perio...
HAMILTON, BERMUDA – 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....
HAMILTON, BERMUDA – The Bermuda Monetary Authority (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-Mon...
HAMILTON, BERMUDA – 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, whic...