Consultation Paper and Illustrative Draft - Bermuda Monetary Authority Act 1969 - Proposed Amendments to General Powers and Fee-Related Changes (2025-07-24)

Summary

This is a Bermuda Monetary Authority consultation paper, with an illustrative draft amendment bill, proposing changes to the Bermuda Monetary Authority Act 1969. It covers a new information sharing gateway between the BMA and the Bermuda Deposit Insurance Corporation (BDIC), and a set of fee changes to the Fifth Schedule affecting innovative insurance classes, insurance marketplace providers and internationally active insurance groups (IAIGs) carrying on general business.

• BDIC information sharing: Proposed new section 31(1AA)(aca) would let the BMA share relevant information with the BDIC for the purpose of BDIC's statutory functions, supported by a planned MoU between the two bodies.
• Innovative insurer fees (Class IGB/ILT): Sandbox registration fees for Class IGB and Class ILT insurers would rise from $6,180 to $7,500.
• Innovative insurance business fees (Class IIGB/IILT): Class IILT insurers would become subject to annual fees under section 14(2) aligned with Class C insurer fee bands; Class IIGB registration fees and annual fees would increase across all gross premium thresholds.
• Insurance marketplace provider fees: Registration fees and annual fees for insurance marketplace providers would increase across all gross premium thresholds, and providers would be brought within the existing $3,000 annual fee category applicable to insurance brokers/agents.
• GB IAIG annual fee: A new annual fee would be introduced for Internationally Active Insurance Groups carrying on general business (GB IAIGs) where the BMA is group supervisor: a base fee of $549,000/$545,900 plus a 0.002% scaling fee on Gross Written Premiums, capped so the maximum annual fee is $1,249,000.
• DIA consequential amendments: The Deposit Insurance Act 2011 would be amended to replace 'regulatory' with 'statutory' in section 41(1) regarding BDIC's functions, and to add a new confidentiality obligation on BDIC personnel regarding information disclosed by the BMA.

The Authority is inviting industry and stakeholder comments on these proposals; this is a consultation, not yet a final rule. If adopted, the information sharing and DIA amendments would take effect on assent, while the Fifth Schedule fee changes would take effect on 1 January 2026.

Key obligations

• Stakeholders wishing to comment must submit views to policy@bma.bm no later than 5 September 2025.
• If enacted, Class IIGB and insurance marketplace providers would need to pay increased registration fees per the revised Fifth Schedule Part C (2026) thresholds.
• If enacted, Class IILT insurers would become liable for annual fees under section 14(2) of the Act aligned with Class C insurer fee bands.
• If enacted, the head of a GB IAIG would be required to pay a new annual fee (base fee plus scaling fee on Gross Written Premium, capped at $1,249,000) on behalf of the IAIG.
• If enacted, BDIC employees, officers, servants, agents or advisors would be required to preserve confidentiality of statutory information disclosed to BDIC by the BMA.

Applies to

Class IGB insurers, Class ILT insurers, Class IIGB insurers, Class IILT insurers, insurance marketplace providers, Internationally Active Insurance Groups (IAIGs) carrying on general business, Bermuda Deposit Insurance Corporation (BDIC), BDIC members (deposit-taking institutions)

Deadlines

• 5 September 2025: Deadline for stakeholders to submit comments on the consultation paper to policy@bma.bm.
• 1 January 2026: Proposed effective date for the Fifth Schedule fee amendments.
• on assent: Proposed effective date for the information sharing amendments to section 31 of the BMA Act and the consequential amendments to the Deposit Insurance Act 2011.

Related documents

• This document amends Bermuda Monetary Authority Act 1969