The BMA recognises the growing importance of innovation in the insurance and wider financial industry and the critical role that innovation plays in promoting efficiency and enhancing competitiveness in the market. It is to this end that the Authority launched two parallel innovation tracks: an Insurance Regulatory Sandbox (“Sandbox”) and an Innovation Hub, both initially targeted at insurance technology (InsurTech) companies.
The regulatory sandbox is an innovation track for companies looking to test new technologies or business models to a limited number of clients in a controlled environment and for a limited period of time. The regulatory sandbox is reserved for companies that will be undertaking licensable activities as defined under the Insurance Act 1978.
|Company Name||Sandbox Licence||Project Overview||Sandbox Licence Expiry||Sandbox Status|
|AkinovA (Bermuda) Ltd||Innovative Intermediary - IMP||An electronic marketplace to transfer and trade insurance risks, enabling cedants and intermediaries acting on their behalf to transfer insurance risk to investors||26 December 2020||
Post-sandbox license: Insurance Marketplace Provider effective 1 January 2021
|Nayms Ecosystems Limited||Innovative Insurers - IGB||
A smart contract powered platform that allows insurance entities to create fully-collateralised, fully digital, transparent, trustless and tradable reinsurance contracts.
Please note this company is also licensed under the Digital Asset Business Act 2018.
|1 May 2021||Active|
|Kettle Limited||Innovative Intermediary - IA||
An insurance agent underwriting catastrophe coverage on behalf of target capacity providers using proprietary machine learning algorithms technology to create optimal portfolios of risk.
The project initial focus is on California wildfire exposures.
|12 March 2022||Active|
The innovation hub is an alternative track for companies looking to test new technologies or business models, similar to the regulatory sandbox, but is applicable for companies that are either:
|Project Name||Project Overview||Company|
|RiCap BERMUDA||A blockchain-driven electronic platform allowing brokers, insurance companies and reinsurers to do business in a single platform to improve business efficiency and cut frictional cost (phase 1), as well as build a private business network to access third party capital (phase 2 and 3)||ChainThat Limited|