directors registration

Who is caught

The instruments indexed here address the Personal Declaration (PD) Form used by the Bermuda Monetary Authority (BMA) to assess proposed director and officer appointments. They apply to entities regulated under the Insurance Act 1978 and the Investment Funds Act 2006, and to the individuals proposed for appointment.

• Regulated entities: Insurers, insurance managers, investment funds and investment fund operators governed by the Insurance Act 1978 or the Investment Funds Act 2006.
• Individuals: Any individual proposed to serve as a director or officer of such a Bermuda-regulated financial services entity.
• Trigger: A proposed new director or officer appointment under either Act brings the individual and the appointing entity within scope of the PD Form and the BMA's fit and proper assessment.

Sources: Personal Declaration Form for Directors/Officers (2025 Version) · Notice - Updated Officer and Director Personal Declaration Form (2026-01-16) · Notice - Updated Personal Declaration Form for Directors and Officer Appointments under the Insurance Act 1978 and the Investment Funds Act 2006 (2025-11-26)

Key duties

The central obligation is completion of the BMA's Personal Declaration Form for each proposed director or officer appointment, supporting the BMA's fit and proper due diligence. The form has been updated on a rolling basis, with cut-off dates after which older versions are not accepted.

Form completion

• Separate declaration: Each individual proposed as a director or officer must complete and sign a separate Personal Declaration Form.
• Digital format: The form must be completed digitally; handwritten submissions are not accepted.
• Resume: The individual must attach a resume outlining current employment and work history, unless retired or unemployed.
• Certification: The individual must sign and date the form, certifying that the information and supporting documentation are true, accurate and complete.

Disclosures

• Personal details: Name (including surname in the latest version), date and place of birth, current and prior three years of residential addresses, employment history, and passport details for all held passports.
• Background matters: Yes/no disclosure with details on bankruptcy proceedings, refused registrations, criminal or civil investigations or proceedings, regulatory breaches or convictions, licence refusals or revocations, professional body censure, and resignation while under investigation.
• PEP status: Disclosure of whether the individual, an immediate family member or a close associate is or has been a Politically Exposed Person, including category and role.
• Other relevant matters: Disclosure of any other circumstances or conduct that could reasonably affect the individual's suitability for the role.

Ongoing and version duties

• Continuing PEP notification: Signing the form creates a continuing obligation to notify the BMA of any change in the individual's PEP status.
• Use current form: Appointments must use the current PD Form version. The version introduced on 26 November 2025 replaced earlier forms, which the BMA would not accept after 1 January 2026.
• Latest update: A further update effective 16 January 2026 added a surname field; from 1 February 2026 the BMA will not accept previous versions or any variation of the form.

Sources: Personal Declaration Form for Directors/Officers (2025 Version) · Notice - Updated Officer and Director Personal Declaration Form (2026-01-16) · Notice - Updated Personal Declaration Form for Directors and Officer Appointments under the Insurance Act 1978 and the Investment Funds Act 2006 (2025-11-26)

Exemptions and carve-outs

The instruments provide only one narrow carve-out within the form process, and otherwise do not set out exemptions from the declaration requirement.

• Resume: The requirement to attach a resume does not apply where the individual is retired or unemployed.

Sources: Personal Declaration Form for Directors/Officers (2025 Version)

Enforcement and penalties

The instruments indexed here do not set out specific financial penalties or enforcement powers. The only stated consequence is procedural.

• Rejection of submissions: After the applicable cut-off dates, the BMA will not accept previous versions or variations of the PD Form, meaning submissions on outdated forms will be rejected.

Sources: Notice - Updated Officer and Director Personal Declaration Form (2026-01-16) · Notice - Updated Personal Declaration Form for Directors and Officer Appointments under the Insurance Act 1978 and the Investment Funds Act 2006 (2025-11-26)