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ARTICLE · 13 JANUARY 2025

BMA Consultation: Strengthening Group Supervision In Bermuda's Insurance Sector

Harneys
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On 4 December 2024, the Bermuda Monetary Authority (BMA) proposed significant amendments to the Insurance Act 1978 to enhance its regulatory framework for group supervision.

BermudaInsurance
Henry Tucker
Henry Tucker
Mirza Manraj
Mirza Manraj
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On 4 December 2024, the Bermuda Monetary Authority (BMA) proposed significant amendments to the Insurance Act 1978 to enhance its regulatory framework for group supervision. These proposals aim to improve the oversight of insurance groups, ensuring that Bermuda maintains its reputation as a robust international financial centre. Below, we explore the key proposals and their potential impact on Bermuda's insurance industry.

1. Mandatory group supervision for Bermuda-based groups

The BMA would require mandatory supervision of insurance groups with ultimate parent entities incorporated in Bermuda. This ensures comprehensive oversight of such groups' global operations. Groups will be notified, and representations considered before supervision begins.

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