The Bermuda Monetary Authority has launched an initiative to reduce regulatory burden in insurance supervision while strengthening efficiency and proportionality, with the stated aim of improving policyholder outcomes. The programme targets unnecessary cost, duplication and administrative friction in reporting, filings and supervisory interactions, while keeping supervisory intensity and escalation strong where risks or weaknesses are identified and without reducing prudential standards, capital requirements or governance expectations. Planned changes include consolidating returns where the same information is captured multiple times, rationalising overlapping schedules, harmonising definitions and continuing development of a common data dictionary to support a “collect once, reuse many times” approach. The Authority also plans to introduce pre-submission validation to reduce avoidable errors and rework, and to make supervisory engagement more predictable by using the secure electronic portal as the primary channel for applications, notifications, document uploads and secure communications, including functionality for insurers to track application status and receive outcomes such as decision letters through a single workflow. Delivery is intended to be shaped through structured, continuous engagement with insurers and other stakeholders, with changes introduced where appropriate through pilots and phased implementation supported by transition arrangements. Insurers not yet using the portal are expected to be registered in the coming weeks, and the Authority is seeking concrete suggestions throughout the year on what to simplify and consolidate while maintaining strong policyholder outcomes.

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