Notice - COVID-19 Update - Board of Directors Meetings (2021-12-13)

Summary

This notice from the Bermuda Monetary Authority addresses continued COVID-19 disruption to registrants' ability to hold physical board of directors meetings in Bermuda. It sets out how the Authority will assess compliance with the physical board meeting requirement through the end of 2022 and clarifies its expectations for how meetings should be conducted in the interim.

• Compliance assessment: When assessing compliance with the requirement to hold physical board meetings in Bermuda for the period ending 31 December 2022, the Authority will take into account circumstances such as registrants' inability to hold physical meetings due to logistical and health difficulties from COVID-19.
• Ongoing expectation: Registrants are expected to continue holding board meetings physically where possible, and to use virtual means (telephone, video conference or other virtual methods) when physical meetings are not possible due to COVID-19 related challenges.
• Queries: Questions about the notice should be directed to riskanalytics@bma.bm for insurance sector queries or fintech@bma.bm for digital asset business queries.

Key obligations

• Registrants should continue to conduct board of directors meetings physically where possible, and use virtual means (telephone, video conference, or other virtual methods) when physical meetings are not possible due to COVID-19 related challenges.

Applies to

insurance registrants, digital asset business registrants

Deadlines

• 31 December 2022: Period through which the Authority will take COVID-19 related circumstances into account when assessing compliance with the requirement to hold physical board meetings in Bermuda.