Bermuda Monetary Authority: Modern, Thoughtful And Competitive

The Notice announced a thoughtful initiative to streamline regulatory processes while maintaining robust prudential standards. The BMA’s objective is to remove unnecessary duplication and administrative friction that does not materially improve supervisory insight or policyholder protection. The BMA is taking a modern approach by embracing automation and emerging technologies to transform regulatory processes, including streamlining workflows, strengthening risk management and enhancing data-driven decision-making through advanced tools.

Key measures outlined in the Notice include:

• Consolidating overlapping returns and harmonizing definitions;
• Applying a ‘collect once, reuse many times’ data principle;