Key changes include:

• Information sharing with Bermuda Deposit Insurance Corporation (BDIC): Enabling the BMA to share statutory information with the BDIC to enhance crisis management and depositor protection.
• Fee revisions: Updates to the Fifth Schedule to introduce and adjust fees for innovative insurance classes (Class IGB, ILT, IIGB, IILT) and insurance marketplace providers, reflecting the cost of effective supervision.
• Annual fee for Internationally Active Insurance Groups (IAIGs): Introduction of an annual fee for IAIGs engaged in general business, ensuring resources for robust oversight.
• Confidentiality provisions: Amendments to the Deposit Insurance Act 2011 to safeguard the confidentiality of shared information.

Stakeholders are invited to submit feedback to policy@bma.bm by 5 September 2025.

Proposed fee changes will take effect on 1 January 2026, while other amendments will commence once approved.

For more details, the consultation paper can be found here.