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Reporting to two Managing Directors, the Supervision department is responsible for the supervision, regulation and inspection of Bermuda’s insurers, banks, trust companies, investment businesses, investment funds; fund administrators, money service businesses and corporate services providers, as well as the credit union and Bermuda Stock Exchange.

At a macro-level Supervision acts in the best interests of policyholders, depositors and clients, while facilitating the continued development of a viable, competitive and innovative financial services marketplace in Bermuda.

At a micro-level Supervision, via its risk-based supervision of licensed institutions, assesses inherent risks and the ability of the governance mechanisms (capital, systems, controls, management and boards) to mitigate such risks and determines appropriate supervisory intensity.

The department’s primary objectives are to:  

  • Carry out the supervisory responsibilities placed on the Authority in an effective and efficient manner
  • Observe and adhere to international best practices while taking into consideration the unique nature of the Bermuda marketplace
  • Prioritise allocation of the department’s resources by developing and applying risk-based supervisory approaches
  • Conduct the Authority’s on-site assessments, including for Anti-Money Laundering/Anti-Terrorist Financing purposes
  • Provide actuarial services, restoration and run-off monitoring, analytical and technical support
  • Detect problems at an early stage and take action on a timely basis where a licensed entity’s practices are deemed imprudent or where it is otherwise failing to meet its statutory obligations
  • Arrange an early return to compliance where major concerns arise in a licensed institution, or if that is not possible, its exit from the market in a timely and efficient manner
The Authority is a member of several key international regulatory bodies. In this way, the Authority both stays informed about international regulatory developments and contributes to the development of global policy initiatives.

Policy, Legal & Enforcement

Policy, Legal & Enforcement is responsible for the Authority's policy function and also provides legal advice to the Authority on a range of matters relating to public and private law. It is also responsible for the development and application of the BMA's enforcement framework in relation to non-licensed persons and licensed entities and issues of non-compliance. This department is also responsible for the Authority’s Corporate Governance function.   

Licensing & Authorisations

Licensing & Authorisations (L&A) is responsible for the processing of all applications filed pursuant to the Insurance Act 1978 and the Investment Funds Act 2006. This includes applications for licensing, applications for deregistration, notification of material changes, requests for approvals, requests for exemption from or modification to the requirements stated in the legislation, and applications to register or authorize Bermuda funds. The Authorisations unit within L&A team is also responsible for prudential supervision of Bermuda funds. When the need arises, the L&A team provides recommendations for the development of appropriate policies to support implementation of regulatory and supervisory framework.


The Authority’s Operations department is responsible for the following functions:

  • Communications: this unit promotes the Authority’s mission, vision and values to increase understanding, both locally and overseas, about the Authority and financial regulation in Bermuda. The Department’s responsibilities include: managing the Authority’s internal and external communication strategies, including the Authority’s external website and relationships with: relevant media; government representatives; industry associations and the general public providing support to the Chairman and senior Authority staff for public presentations and media events and giving direction about communications matters to all BMA departments; developing the Authority’s major external publications and strategic communications plans.
  • Finance & Currency Operations: This unit is responsible for safeguarding and issuing Bermuda’s currency, including the development and distribution of banknotes and commemorative coins. It also conducts ongoing research regarding the security and durability of banknotes (currency production consists of inventory management and transportation.) This unit is also responsible for the Authority’s finance functions: including planning, budgeting, accounting and reporting.
  • Human Resources: This unit provides an integrated human resources framework, including the recruitment and retention of skilled employees – which the Authority requires to achieve its strategic objectives – and the implementation of programmes to support the Authority’s ongoing business needs (including learning and development.) This unit also manages the Authority’s Graduate Training Programme.
  • Management Services/Information Technology: this unit provides a unified, effective, efficient and adaptive IT environment and services that allow the Authority to carry out its responsibilities in a manner that is consistent with international standards and best practice. Services include:
    • Providing an IT environment that supports the Authority’s requirement to have an appropriate e-business platform;
    • Providing cohesive IT application development services to internal business clients, and;
    • Developing and implementing an IT infrastructure that ensures continued delivery of essential services in a safe and secure manner.
  • Project Management Office: This unit is responsible for maintaining an enterprise focused framework for the Authority aimed at ensuring standardization, reducing duplication and leveraging resources such as people, technology, and communication. The Department’s responsibilities include: project definition and planning; cost/benefit analysis of projects; risk management; monitoring and control; support in undertaking project management processes and procedures; knowledge capture and dissemination; and the maintenance of projects tools, standards and processes.
  • The Operations Department is also responsible for the Authority’s Facilities and Enterprise Risk Management functions.​