These updates focus on protecting policyholders, ensuring financial stability, and maintaining Bermuda’s reputation as a premier insurance market.

• Mandatory group supervision: To ensure insurance groups led by Bermuda entities with global operations are properly regulated.
• Designated holding companies: Allow the BMA to directly supervise holding companies for clearer group oversight.

• Concerns raised: Potential operational disruptions, regulatory overlap, and broad definitions impacting overseas entities.
• Focus on transparency: Industry emphasised the need for proportionate and clearly framed processes.

• Supervision will remain focussed on designated insurers unless proved ineffective.
• Definitions clarified to exclude overseas entities.
• A 12-month transition period introduced to minimise disruptions.

The BMA continues to engage stakeholders and will issue additional guidelines for Internationally Active Insurance Groups.

For further information the stakeholder letter can be found here.