The following represents the procedure involved in the incorporation and registration process for commercial and captive insurance companies. Please note that the Registrar of Companies is a separate agency from the Bermuda Monetary Authority. You may view their website here: https://www.gov.bm/department/registrar-companies
The following represents the procedure involved in the incorporation and registration process for commercial and captive insurance companies.
Application to Bermuda Monetary Authority (BMA) to incorporate a company must be submitted over INTEGRA
Apply to the Bermuda Monetary Authority to obtain access to INTEGRA
Complete the Application for Registration over INTEGRA (entering: entity details and ownership structure for the entity)upload pre-incorporation documents (completed Personal Declarations, Passport, Structure
Chart and Approval for Name Reservation), additional documents may be required
Complete submission on the Registrar of Companies (ROC) portal (including the Memorandum of Association)
Registrar will proceed only after receiving a No Objection from the BMA
Application for Registration Approved by the ROC
Submit Licensing Application to BMA for Review by Assessment and Licensing Committee; successful applications approved for licensing
Apply for registration to the BMA’s Insurance Licensing Department, including the final business plan, applicable fees, COI, Form 1B/ Form 3 and any items requested from the IALC as detailed in the formal IALC Approval letter to: Authorisations_eApplications@bma.bm.
BMA Issues Insurance Licence
The insurance company is legally permitted to conduct insurance business