BMA reports a robust year

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  • Jeremy Cox

    Jeremy Cox

Island financial regulator the Bermuda Monetary Authority pulled in more than $44 million in fees and other revenue last year.

Supervisory and licensing fees totalled $38.4 million, while incorporation fees, vault commission and other income amounted to $1.62 million.

Both figures are up on the $37 million and $1.39 million recorded respectively in 2014.

The sale of special coins, however, which earned the BMA $37,000 last year was down on the $56,000 the year before.

Investment income amounted to $3.98 million, compared to $3.46 million the year before.

Expenses, including salaries, general expenses and professional fees, totalled $43.22 million.

According to the BMA annual report for last year, there were 1,130 insurers and reinsurers holding licences on the island at the end of 2014. Together, they wrote $151.8 billion in gross premiums and had total assets of more than $583 billion.

Meanwhile there were 1,261 registered insurers, down slightly from the 1,282 registered in 2014, with 65 new additions to the register, the same number as the previous year.

Jeremy Cox, CEO of the BMA, said: “One of the greatest concerns in Bermuda today is the economic climate.

“Without a healthy and robust economy, business does not succeed here, without business in operation, Bermudians can’t get jobs.

“All of this is a bit of a truism, even a statement of the obvious. But I believe it needs to be stated as a reminder of just how fragile our economy is and how rigorous we all need to be in our guardianship of it.”

Mr Cox added the BMA analysed local and worldwide trends to ensure “wise decision-making”, and played a key role in setting up and maintaining the regulatory framework and helped Bermuda break new ground in financial services.

He said: “It’s what the authority does. As long as Bermuda thrives as a healthy jurisdiction in which to conduct business, so will members of the community.

“In the past, the work of the regulator has probably been considered somewhat arcane, leading to appear cloaked in mystique.

“But we are an integral part of the success of Bermuda — and, by the way, we are committed to continuing the success story.”

Mr Cox added: “The year under review ... has had it’s ups and downs as always, but overall it has been testament to Bermuda’s winning formula, one which works for the greater good of the country as a whole.”

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Published Jun 21, 2016 at 8:00 am (Updated Jun 20, 2016 at 8:16 pm)

BMA reports a robust year

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