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Supervisory responsibilities at the Authority are covered by two Departments; the Insurance Supervision Department (ISD) and the Banking, Trust Corporate Services and Investment (BTCSI) Department. ISD is responsible for the supervision, regulation and inspection of Bermuda’s insurers, investment funds and FinTech companies and BTCSI oversees the banks, trust companies, investment businesses, fund administrators, money service businesses and corporate services providers, as well as credit unions and the 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 and 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 and International Affairs 

Policy and International Affairs provide critical input into the Authority’s achievement of its strategic goals and objectives. The objective of Regulatory Policy is to create a framework that supports the Authority’s objectives under the Bermuda Monetary Authority Act 1969. Regulatory policy development transforms international developments and regulatory issues into a suite of regulatory instruments (e.g. laws, regulations, codes, guidance notes) that achieve the intended outcomes while practical to the Bermuda financial markets. This necessitates consultation with our key stakeholders including the Government of Bermuda, the financial services sector and our international partners. International Affairs positions the Authority on the international stage through representation at key international standard setting bodies such as the International Association Insurance Supervisors, International Organization of Securities Commissions and Financial Stability Board. The function sets out to solidify relationships with key international regulators and acts as a liaison between the Authority and the international regulatory community. International Affairs promotes Bermuda’s position on a number of initiatives at the international level and provides feedback on matters that may require policy solutions.

Legal Services and Enforcement

The Legal Services and Enforcement Department is responsible for providing Bermuda legal advice to the Authority on a broad range of matters relating to the Authority’s statutory powers under Bermuda law. It is also responsible for the development and application of the BMA's enforcement framework in relation to the non-compliance of entities it supervises. Additionally, it assists the Authority’s Board as Secretary and with carrying out the Authority’s Corporate Governance function.

A member of the Authority’s Legal Services and Enforcement Department is also responsible for performing inter alia, the following functions:

  • Money Laundering Reporting Officer pursuant to the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008;
  • Information Officer pursuant to the Public Access to Information Act 2010
  • Whistle-blower Officer

Licensing and Authorisations

Licensing and 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 authorise Bermuda funds. The Authorisations unit within the 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 BTCSI Department has a separate Assessment and Licensing Committee process that reviews the Departmental analysis and recommendations for the issue of new licences under the provisions of the Banks and Deposit Companies Act 1999, Investment Business Act 2003, Investment Funds Act 2006 (for Fund Administrators), Corporate Services Provider Business Act 2012, Money Service Business Act 2016, Trust (Regulation of Trust Business) Act 2001 and Credit Unions Act 2011.​


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; and developing the Authority’s major external publications and strategic communications plans.
  • Finance and 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
    • 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 standardisation, reducing duplication and leveraging resources such as people, technology and communication. The unit’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.​


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