The Bermuda Monetary Authority (BMA) has been
reviewing Bermuda's group supervision regime over recent
years with a view to updating and enhancing the same. On 4 December
2024, the BMA issued a consultation paper entitled Proposed
Enhancements to the Insurance Group Supervision Framework
(Paper). The consultation period closes on 15
January 2025.
The enhancements proposed by the BMA are intended to strengthen
its group-wide supervision framework to provide for direct
supervision of insurance groups, as opposed to the hybrid model of
supervision currently utilised by the BMA.
There are seven separate proposals put forward by the BMA for
consultation, although they follow the same key theme; the
enhancement of the ability of the BMA to have control over the
parent of the insurance group. Of note are proposals for:
