Notice - Updated Personal Declaration Form for Directors and Officer Appointments under the Insurance Act 1978 and the Investment Funds Act 2006 (2025-11-26)

Summary

This notice from the Bermuda Monetary Authority announces an updated Personal Declaration (PD) Form that must be completed for proposed director and officer appointments under the Insurance Act 1978 and the Investment Funds Act 2006. The revised form strengthens the BMA's fit and proper due diligence assessments for such appointments.

• Effective date: The revised PD Form takes effect immediately from the date of the notice (26 November 2025).
• Transition cut-off: The BMA will no longer accept previous versions of the PD Form, or any variation of it, after 1 January 2026.
• Where to find it: The updated PD Form on BMA letterhead is available via the BMA website under the Insurance and Investment Funds sections.

Entities proposing director or officer appointments regulated under these two Acts should begin using the new form immediately to avoid submissions being rejected after the transition deadline.

Key obligations

• Use the updated Personal Declaration Form for any proposed director and officer appointments under the Insurance Act 1978 or Investment Funds Act 2006 going forward
• Stop using previous versions or variations of the PD Form no later than 1 January 2026, as the BMA will not accept them after that date

Applies to

insurers, insurance managers, directors and officers subject to appointment approval, investment funds, investment fund operators

Deadlines

• 1 January 2026: BMA will not accept previous versions of the PD Form or any variation of it after this date
• immediately (26 November 2025): The revised Personal Declaration Form takes effect