Bermuda's Ministry of Finance published an update on the Financial Policy Council’s 27th meeting, which reviewed macroeconomic performance and a broad set of financial stability risks. Discussion focused on the role of international business in recent economic performance, work underway on implementing Corporate Income (CIT) in Bermuda, developments in the life insurance and reinsurance sector, and ongoing regulatory and resolution planning work in banking. Material considered included the Fiscal Responsibility Panel’s 2024 assessment alongside GDP, balance of payments, and labour market and income data. In insurance, the Council examined global structural changes in life insurance and Bermuda’s evolving position as a reinsurance centre, including recent enhancements to Bermuda’s framework for life reinsurers, the Bermuda Monetary Authority’s published sector studies, and associated supervisory measures; sector growth and related risks were noted. The Council also covered other risks, including implications for Bermuda of the November 2024 US elections, international tax developments, government initiatives aimed at retaining Bermuda’s workforce, and work to maintain effective anti-money laundering and counter-terrorism financing arrangements in light of the Caribbean Financial Action Task Force assessment schedule for April 2027, alongside progress implementing recommendations from the 2023 Financial Policy Council Review. The next formal meeting of the Financial Policy Council is scheduled for 10 April 2025.

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