The Bermuda Monetary Authority (BMA) has issued a consultation on proposed amendments to the Bermuda Monetary Authority Act 1969 to create an explicit legal gateway for sharing information with the Bermuda Deposit Insurance Corporation (BDIC) and to revise the BMA’s insurance-related fee schedule, including a new annual fee for Internationally Active Insurance Groups carrying on general business. The proposals would add BDIC to the list of entities in section 31(1AA) to which the BMA may disclose information for the purpose of BDIC’s functions, supported by a planned BMA–BDIC memorandum of understanding to set parameters for when and what information is shared. Consequential changes to the Deposit Insurance Act 2011 would align the disclosure provision to “statutory functions” and introduce confidentiality requirements for BDIC personnel in respect of information received from the BMA, with the consultation also noting that BDIC has endorsed the proposed Deposit Insurance Act amendments. On fees, the BMA proposes increases and additions in Part C (2026) of the Fifth Schedule affecting innovative insurers (including raising Class IGB and Class ILT Insurance Regulatory Sandbox registration fees from BMD 6,180 to BMD 7,500), Class IIGB registration and annual fees across gross premium bands, the inclusion of Class IILT insurers within the annual fee framework under section 14(2) (with an exception for those carrying on domestic business only), and higher registration and annual fees for insurance marketplace providers across premium bands alongside application of an existing BMD 3,000 annual fee. For general business IAIGs where the BMA is group supervisor, an annual fee is proposed comprising a base fee of BMD 549,000 plus 0.002% of gross written premiums, capped so that the maximum annual fee is BMD 1,249,000. Comments are requested by 5 September 2025. The consultation proposes that information-sharing and related Deposit Insurance Act changes commence on assent, with Fifth Schedule fee changes from 1 January 2026, while the illustrative draft amendment bill included in the paper contains a commencement clause of 1 January 2026.
Bermuda Monetary Authority 2025-07-24
Bermuda Monetary Authority consults on BDIC information-sharing powers and 2026 insurance fee changes including a GB IAIG fee capped at BMD 1,249,000
The Bermuda Monetary Authority (BMA) is consulting on amending the Bermuda Monetary Authority Act 1969 to create a legal gateway for information sharing with the Bermuda Deposit Insurance Corporation (BDIC) and revise insurance-related fees. Proposed changes include adding BDIC to entities eligible for information disclosure, aligning the Deposit Insurance Act 2011 with statutory functions, and introducing confidentiality requirements. Fee adjustments involve increased registration and annual fees for innovative insurers and Internationally Active Insurance Groups, effective 1 January 2026.