Date: Thursday, February 18, 2010
The Bermuda Monetary Authority has released details of its proposed group-wide supervision framework for Bermuda’s insurance sector in a Consultation Paper entitled “Insurance Groups Regulatory Framework”.
Date: Monday, February 15, 2010
The Bermuda Monetary Authority reported today that the Bermuda insurance market continued to record strong performance, against the backdrop of a prolonged soft market and the effects of the worst financial crisis in a generation.
Date: Friday, January 22, 2010
The Bermuda Monetary Authority will participate as co-host in the Reinsurance Association of America’s (RAA) Bermuda ReUnderwriting Bermuda training programme taking place from March 23 – 24, 2010 at the Fairmont Hamilton Princess.
Date: Friday, January 15, 2010
Date: Thursday, January 14, 2010
Jeremy Cox, newly appointed CEO of the Bermuda Monetary Authority (BMA), along with members of his Executive team, today presented the organisation’s 2010 Business Plan at the BMA’s Annual Meeting. The Business Plan sets out the organisation’s strategic priorities and work plan for the coming year.
Date: Tuesday, January 12, 2010
Today the Minister of Finance the Hon. Paula Cox, JP, MP, announced the appointment of Mr. Alan Cossar to the post of Chairman of the Board of Directors of the Bermuda Monetary Authority (BMA).
Date: Wednesday, November 25, 2009
The Bermuda Monetary Authority is currently hosting the Caribbean Regional Technical Assistance Centre’s (CARTAC) risk-based banking supervision workshop. The workshop has a total of 35 participants, 16 from six countries within the Caribbean region and 19 from the BMA team. Specialist financial regulatory training body, the Toronto Centre on Leadership in Financial Regulation is facilitating the session. The workshop is part of the Toronto Centre’s regional programme on financial regulation training. This is the first time this regional programme has been hosted in Bermuda.
Date: Wednesday, November 04, 2009
The Bermuda Monetary Authority has been appointed a member of the Executive Committee of the International Association of Insurance Supervisors (IAIS) after a vote taken at the IAIS’s recent annual General Meeting in Rio de Janerio.
Date: Thursday, October 29, 2009
The Bermuda Monetary Authority welcomes the publication of Mr. Michael Foot’s final report on his review of British Offshore Financial Centres. The recommendations in the Foot Report provide helpful direction for all the jurisdictions considered in the review.
Date: Friday, October 23, 2009
Date: Friday, October 23, 2009
Date: Thursday, October 22, 2009
The Bermuda Monetary Authority today announced a joint initiative with industry representatives and the Pensions Commission aimed at improving disclosure practices amongst Bermuda pension providers and investment firms. The Authority has established a Working Group that will review and revise the existing code of conduct issued under the Investment Business Act 2003 (IBA).
Date: Monday, October 19, 2009
The Board of Directors of the Bermuda Monetary Authority announced today that Jeremy Cox has been appointed Chief Executive Officer (CEO) of the Authority, with effect from January 1st 2010. Mr. Cox is currently Deputy Chief Executive Officer of the BMA, and has worked in that role for the past two years.
Date: Wednesday, October 07, 2009
The Digest will provide readers with detailed analysis and reporting of key trends and market developments in Bermuda’s banking sector, together with clear and concise explanations of the issues influencing those trends.
Date: Tuesday, October 06, 2009
The Bermuda Monetary Authority today launched its new automated e-filing and e-approval system for corporate registrations. The system enhances Bermuda’s existing process for company incorporations by improving the speed of processing applications, while maintaining the integrity of its application review procedures.
Date: Monday, October 05, 2009
The Bermuda Monetary Authority today published Guidance Note #20 Special Purpose Insurers and an Information Bulletin which details the Authority’s supervisory approach to Special Purpose Insurers (SPI). The documents also assist market participants with the practical development of these types of insurance vehicles in the jurisdiction.
Date: Thursday, October 01, 2009
The Bermuda Monetary Authority today published three market communications outlining proposals on various enhancements to its regulatory framework for Bermuda (re)insurers. These documents are: Consultation Paper on Eligible Capital, Discussion Paper on the Own Risk and Solvency Assessment (ORSA) Process, and Consultation Paper on the Insurance Code of Conduct. The Authority proposes introducing the enhancements outlined in the papers initially to Class 4 and Class 3B (re)insurers, in line with its risk-based approach to regulation.
Date: Wednesday, September 30, 2009
This report on the 2008 Bermuda captive insurance market is meant to compliment and update "A Profile of the Bermuda Captive Insurance Market", previously published by the Bermuda Monetary Authority, and is the product of the 3rd Annual Market Survey on Captives (AMSC) conducted jointly by the Authority and the Bermuda Insurance Managers Association.
Date: Wednesday, September 30, 2009
The Bermuda Monetary Authority today published three market communications outlining proposals on various enhancements to its regulatory framework for Bermuda (re)insurers. These documents are: Consultation Paper on Eligible Capital, Discussion Paper on the Own Risk and Solvency Assessment (ORSA) Process, and Consultation Paper on the Insurance Code of Conduct. The Authority proposes introducing the enhancements outlined in the papers initially to Class 4 and Class 3B (re)insurers, in line with its risk-based approach to regulation.
Date: Wednesday, September 30, 2009
The Bermuda Monetary Authority today published three market communications outlining proposals on various enhancements to its regulatory framework for Bermuda (re)insurers. These documents are: Consultation Paper on Eligible Capital, Discussion Paper on the Own Risk and Solvency Assessment (ORSA) Process, and Consultation Paper on the Insurance Code of Conduct. The Authority proposes introducing the enhancements outlined in the papers initially to Class 4 and Class 3B (re)insurers, in line with its risk-based approach to regulation.
Date: Wednesday, September 30, 2009
The Bermuda Monetary Authority today published three market communications outlining proposals on various enhancements to its regulatory framework for Bermuda (re)insurers. These documents are: Consultation Paper on Eligible Capital, Discussion Paper on the Own Risk and Solvency Assessment (ORSA) Process, and Consultation Paper on the Insurance Code of Conduct. The Authority proposes introducing the enhancements outlined in the papers initially to Class 4 and Class 3B (re)insurers, in line with its risk-based approach to regulation.
Date: Thursday, September 24, 2009
The Bermuda Monetary Authority announced today that it has signed a Memorandum of Understanding (MOU) with the Florida Office of Insurance Regulation (FLOIR). This is the latest in a number of such agreements that the Authority has signed to formalise existing working relationships and interaction with its regulatory counterparts overseas.
Date: Monday, August 03, 2009
Minister of Finance authorises short-term liquidity facility enabling the continuation of claims payments on existing health policies.
Date: Tuesday, July 14, 2009
Report highlights the Authority’s successful work on key issues including: Managing the impact of the financial crisis on Bermuda’s financial sector; Progress towards achieving mutual recognition status for Bermuda; and The introduction of new anti-money laundering standards.
Date: Thursday, July 09, 2009
Milestone is another step forward in preparing Bermuda for regulatory equivalence
Date: Wednesday, July 01, 2009
As part of its continuing enforcement actions, the Bermuda Monetary Authority has today initiated winding-up proceedings against three licensed companies in local investment group, the Emerald Financial Group (EFG) in conjunction with the Registrar of Companies.
Date: Tuesday, June 30, 2009
Date: Tuesday, June 30, 2009
Date: Thursday, June 25, 2009
Bermuda in first round of Jurisdictions to Sign the International Association of Insurance Supervisors Multi-lateral Memorandum of Understanding
Date: Friday, May 01, 2009
Date: Wednesday, April 01, 2009
BMA publishes documents outlining preparations for mutual recognition, proposals for the introduction of group supervision, and guidance for Special Purpose Insurers.
Date: Tuesday, March 31, 2009
Date: Tuesday, March 31, 2009
Date: Tuesday, March 31, 2009
Date: Friday, March 27, 2009
Guidance Notes assists institutions with complying with new anti-money laundering standards. Statement of Principles outlines how the Authority will exercise its new powers.
Date: Friday, March 13, 2009
Date: Monday, March 09, 2009
Date: Friday, March 06, 2009
Capital Buffer Introduced as Precautionary Measure to Withstand Severe Economic Downturn
Date: Thursday, February 26, 2009
Date: Thursday, February 19, 2009
Date: Friday, February 13, 2009
The Authority is pleased to invite comments from all stakeholders regarding proposals to enhance areas of its supervision and enforcement powers. This Discussion Paper considers whether there are any powers in use by other regulators that might enhance the Authority’s capacity to regulate the insurance industry effectively, to ensure it meets appropriate international standards, and to assist with mutual recognition under Solvency II. Please note that this paper contains a proposal regarding the publication of certain information that is relevant to ALL regulated entities, not solely insurers.
Date: Wednesday, February 04, 2009
Date: Tuesday, January 20, 2009
Date: Thursday, January 15, 2009
Date: Thursday, January 08, 2009
Date: Monday, December 22, 2008
The Authority has published a consultation paper which sets out its proposals to improve and enhance the Corporate Registration Process in Bermuda.
Date: Monday, December 15, 2008
Date: Monday, December 15, 2008
Date: Monday, December 15, 2008
Date: Friday, December 05, 2008
This document outlines the results of the Authority’s first comprehensive External Stakeholder Survey. The paper based survey was distributed to over 300 Bermuda based businesses who interact with the Authority including, banks, trust companies, investment businesses, insurers and financial service providers.
Date: Thursday, November 27, 2008
This document provides guidance when preparing Statutory Financial Return Filings. This presentation was originally presented on Thusday November 27, 2008 to the Bermuda Insurance Management Association (BIMA).
Date: Saturday, November 15, 2008
Date: Monday, November 03, 2008
Recent article from Reinsurance Magazine.
Date: Friday, October 17, 2008
The Bermuda Monetary Authority (BMA) today welcomed the publication of the International Monetary Fund?s (IMF) Report of its 2007 assessment of financial regulation and supervision in Bermuda. The assessment was conducted to determine the measure of progress Bermuda has achieved since the IMF?s initial review of the regulatory framework here in 2003. The BMA?s Chief Executive Officer, Matthew Elderfield, stated he was very pleased to note the Report?s acknowledgement that the Bermudian authorities have made impressive progress in developing, and implementing, a risk-focused approach to supervision across the range of markets that form Bermuda?s financial services sector.
Date: Tuesday, October 07, 2008
BMA releases statement on Impact of Market Developments on Bermuda’s Financial Services Sector
Date: Wednesday, October 01, 2008
Date: Monday, September 29, 2008
New Memorandum of Understanding provides formal basis for cooperation and coordination between both regulators.
Date: Monday, September 29, 2008
This document provides an overview of the Bermuda Captive Market. This presentation was originally presented during the Bermuda Captive Conference on Tuesday June 17 2008.
Date: Sunday, September 28, 2008
New Memorandum of Understanding provides formal basis for cooperation and coordination between both regulators.
Date: Tuesday, August 12, 2008
New flexible rules adopted for special purpose vehicles.
Date: Friday, July 18, 2008
New framework provides an enhanced risk-based approach to calculating capital adequacy for banks.
Date: Monday, June 30, 2008
Veteran financial services professional and insurance regulator first international BMA Board appointee.
Date: Monday, June 30, 2008
Date: Friday, May 16, 2008
Date: Monday, April 14, 2008
Date: Friday, April 11, 2008
Presented by Rick Shaw, Director, Acturial Services
