The Bermuda Monetary Authority has launched a consultation on amendments that would formally add acting as the Resolution Authority to its principal objects. The mandate would initially cover banks, deposit companies and credit unions, following the Ministry of Finance’s designation of the authority in May 2026. The supporting resolution framework will be developed over several years and will be subject to further consultations, while any extension to other financial sectors would require additional stakeholder engagement. The proposals would also consolidate insurance sector fees in the Fourth Schedule of the Bermuda Monetary Authority Act 1969 when the Fifth Schedule is repealed on Jan. 1, 2027, following completion of a three-year phased fee implementation. An administrative correction would remove a duplicated annual fee reference for insurance marketplace providers. No new fees or increases are proposed, and comments are due by Sept. 14, 2026.
Bermuda Monetary Authority2026-08-14
Bermuda Monetary Authority consults on formal resolution mandate and consolidation of insurance fees
The Bermuda Monetary Authority is consulting on formally adding responsibility for resolving banks, deposit companies and credit unions to its statutory objects. It also proposes consolidating insurance fees in the Fourth Schedule from Jan. 1, 2027, without introducing new fees or increases. Comments are due by Sept. 14, 2026.