BMA Sets Out Phased Path To A Bermuda Insurance Resolution Regime

On 15 September 2026, the BMA published a Consultation Paper (CP), “Proposed Phased Introduction of a Resolution Regime for the Bermuda Commercial Insurance Sector“. This is the first phase of a framework designed to align with Financial Stability Board and International Association of Insurance Supervisors standards.

The BMA plans to bring in the regime step by step. This first phase covers three elements; resolution powers, tools and cross-border cooperation are left for later phases:

1. Designating the BMA as the Resolution Authority through an amendment to the Bermuda Monetary Authority Act 1969 (BMA Act), with its resolution function operationally separate from its supervisory role.
2. Establishing five resolution objectives through legislative amendment:
   • Protect policyholders;