Bermuda has always provided an efficient process for insurance
submissions of all classes, with applications being approved in
under two weeks. On 20 August 2021, the Bermuda Monetary Authority
(the "BMA" or the
"Authority") issued a notice announcing
that enhancements have been made to allow further streamlining of
the registration process for Restricted Special Purpose Insurers
("R-SPI"). Now, the licensing and
registration processes of R-SPI registrants whose business model is
to issue bonds (e.g. catastrophe bonds and mortgage bonds) will be
consolidated and registrants can be fully registered by the BMA
within three business days.
Previously, the same process applied to R-SPI as any other class
with in-principle approval available within five business days,
provided an application is submitted by 5pm on a Monday in any
working week. Now an R-SPI application can be initiated
electronically on any business day before 5pm, reducing that five
day process to three.
