Consultation Paper - Proposed Amendments to the Bermuda Monetary Authority Act 1969 (2026-08-14)

Summary

This is a Bermuda Monetary Authority consultation paper seeking industry feedback on proposed amendments to the Bermuda Monetary Authority Act 1969. The proposals cover three areas: expanding the BMA's principal objects to formally include a resolution authority role, repealing the Fifth Schedule dealing with phased insurance fee increases, and moving insurance sector fees into the Fourth Schedule. The BMA states no new fees or fee increases are being proposed; the changes are largely structural and administrative.

• Resolution Authority mandate: Section 3 would be amended to add a new principal object recognising the BMA as Resolution Authority initially for banks, deposit companies and credit unions licensed under the Banks and Deposit Companies Act 1999 and the Credit Unions Act 2010; the underlying resolution framework will be developed over several years with further consultations.
• Fifth Schedule repeal: The Fifth Schedule, which since 2023 phased in insurance sector fee increases over Parts A (2024), B (2025) and C (2026), will be repealed effective 1 January 2027 once its purpose is complete, along with a housekeeping correction to paragraph 7(c) removing a reference to insurance marketplace providers to eliminate a duplicated fee.
• Fourth Schedule amendment: All insurance sector fees currently under the Fifth Schedule (Part C 2026 rates) will be moved into the Fourth Schedule so they continue to be reflected in the BMA Act from 1 January 2027, restoring the fee structure to how it existed before the 2024 phased implementation began.
• No new fees: The Authority confirms these amendments do not introduce any new fees or increase existing fees; they are purely administrative and structural.

Stakeholders are invited to comment on the proposals; this is a consultation only and does not itself create binding obligations. Any resulting legislative amendments and a future resolution framework consultation would follow separately.

Key obligations

• Stakeholders wishing to comment must email feedback to policy@bma.bm by close of business on 14 September 2026

Applies to

banks, deposit companies, credit unions, insurance sector entities, insurance marketplace providers

Deadlines

• 14 September 2026: Deadline for industry and stakeholder comments on the consultation paper, to be emailed to policy@bma.bm
• 1 January 2027: Proposed effective date for repeal of the Fifth Schedule and transfer of insurance sector fees to the Fourth Schedule

Related documents

• This document amends Bermuda Monetary Authority Act 1969