BMA waives need for on-island board meetings

  • Making allowances: the Bermuda Monetary Authority

    Making allowances: the Bermuda Monetary Authority


The Bermuda Monetary Authority has waived the requirement for insurers to hold board meetings on the island during the Covid-19 crisis period.

In a statement published on its website today, the financial regulator also granted a one-month filing extension for re/insurers.

The BMA said it had implemented protective measures to ensure the safety of its staff, their families and external visitors over the past several weeks.

Having activated its business continuity plan on February 6, the BMA implemented “social distancing protocols through remote-working options and virtual conferencing alternatives for all non-critical external meetings”.

The BMA stated: “Given the current travel disruptions caused by the pandemic, the authority recognises that, in a number of cases, Bermuda registrants will be unable to hold physical board of directors meetings in Bermuda.

“The authority will not seek to enforce this requirement during the first half of the 2020 year. However, registrants should still endeavour to hold board meetings via audio or video conferencing during this period.”

Recognising the disruption being caused by the pandemic, the BMA said all Bermudian insurance groups, insurers, intermediaries and insurance managers can request a one-month extension from their respective annual statutory filing date. The regular fee for such an application will be waived.

The BMA requests that any questions should be directed to riskanalytics@bma.bm

You must be registered or signed-in to post comment or to vote.

Published Mar 19, 2020 at 8:00 am (Updated Mar 19, 2020 at 1:04 am)

BMA waives need for on-island board meetings

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon

  • Take Our Poll

    Today's Obituaries

    eMoo Posts