Notice - Regulatory Burden Reduction for Better Policyholder Outcomes (2026-02-19)

Summary

This is an informational notice from the Bermuda Monetary Authority announcing a new initiative to reduce regulatory burden on insurers while aiming to strengthen policyholder outcomes. It does not create new binding rules but signals changes to reporting, filings and supervisory engagement that insurers should expect over time.

• Streamlined reporting: BMA will consolidate returns capturing duplicate information, harmonise definitions, develop a common data dictionary, and implement pre-submission validation to reduce errors and rework.
• Portal-first engagement: The secure electronic portal will become the primary channel for submitting applications and regulatory notifications, uploading documents, tracking application status and receiving outcomes.
• Onboarding: Insurers not yet registered on the secure electronic portal will be registered in the coming weeks and are asked to cooperate with onboarding.
• No reduction in standards: The initiative does not lower prudential standards, capital requirements, governance expectations or the Authority's enforcement powers; supervisory intensity may increase where risks or weaknesses are identified.
• Industry engagement: BMA will engage continuously with insurers and stakeholders, using pilots and phased implementation, and invites concrete feedback on what to simplify or consolidate.

Overall, the notice is forward-looking and consultative in tone, describing an evolving supervisory approach rather than imposing immediate new compliance requirements, though insurers should anticipate future changes to reporting formats and increased reliance on the electronic portal.

Key obligations

• Insurers not yet on the secure electronic portal are asked to cooperate with BMA to support smooth onboarding once registered.
• Insurers are encouraged to engage early with the BMA and provide concrete feedback on reporting simplification and consolidation opportunities.

Applies to

insurers, industry stakeholders

Deadlines

• coming weeks: BMA will register insurers not yet on the secure electronic portal.