Bermuda Monetary Authority launches initiative to cut insurers’ reporting burden and expand use of its secure electronic portal

The Bermuda Monetary Authority has launched an initiative to reduce regulatory burden in insurance supervision by removing unnecessary cost, duplication and administrative friction in reporting, filings and supervisory interactions, while strengthening efficiency and proportionality. The programme is framed as a change in how supervision is delivered, supported by greater automation and data-driven tools, and is not intended to lower prudential standards, capital requirements or supervisory effectiveness. Planned measures include consolidating regulatory returns where the same information is captured multiple times, rationalising overlapping schedules, harmonising definitions and reducing duplicative document reporting. The Authority also plans to apply a “collect once, reuse many times” approach through more consistent definitions and continued development of a common data dictionary, alongside pre-submission validation to reduce errors and rework. Supervisory engagement is expected to become more predictable through the secure electronic portal, which is intended to become the primary channel for applications, notifications, document uploads and secure communications, with enhancements to allow insurers to track application status and receive outcomes, including decision letters, within a single workflow. Insurers not yet using the portal will be registered in the coming weeks, with firms asked to support onboarding. Delivery will be supported by structured industry engagement to identify practical pain points, with changes introduced where appropriate through pilots and phased implementation, and the BMA inviting concrete suggestions on simplification and consolidation throughout the year.