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

Summary

This is a BMA notice announcing a Consultation Paper on proposed amendments to the Bermuda Monetary Authority Act 1969. The proposals would expand the BMA's statutory role to act as Resolution Authority for banks, deposit companies and credit unions, and would also update fee schedules for the insurance sector for 2027. It is a consultation stage document, not yet a rule change, and invites public and industry feedback.

• Resolution Authority role: Proposed amendment to the BMA's principal objects would formally recognise its role as Resolution Authority for entities licensed under the Banks and Deposit Companies Act 1999 and the Credit Unions Act 2010.
• Fee schedule updates: The Consultation Paper proposes updates to the Fourth and Fifth Schedules of the Act relating to fees payable by the insurance sector in 2027.
• Development context: The proposal was developed in consultation with the Ministry of Finance and is intended to support a broader resolution framework developed with industry and stakeholders.

Stakeholders and members of the public are invited to review the Consultation Paper and submit comments to policy@bma.bm by close of business on 14 September 2026.

Applies to

banks, deposit companies, credit unions, insurance sector

Deadlines

• 14 September 2026: Deadline for stakeholders and members of the public to submit comments on the Consultation Paper to policy@bma.bm