Legislation to widen the powers of the Bermuda Monetary Authority and update trademark laws were approved by the Senate yesterday.

Crystal Caesar, the government spokeswoman for finance in the Upper House, said the Insurance Amendment Act 2025 would allow the Bermuda Monetary Authority to set rules in relation to statutory financial statements.

She said the Bill — which amends the Insurance Act 1978 — was a “necessary and prudent measure” to ensure the integrity of the BMA’s regulatory framework, bringing the legislation in line with the Investment Business Act and the Digital Asset Business Act.

Marcus Jones, the Opposition Leader in the Senate, said the party supported the amendments, stating that it was important that the BMA be able to move “at the speed of business”.

Senators also approved the Trademarks Amendment Act 2025, which is intended to update the island’s intellectual property framework.

The amendment will keep the legislation in compliance with the Madrid Protocol, an international treaty created to simplify trademark registration.

The Senate passed a tourism investment order for a proposed event venue to be located at a parking area near Clearwater Beach in St David’s.

Mischa Fubler, the junior tourism minister, said that the project, led by Premier Tickets Ltd and 2.0 Collective, would provide a turnkey site for event organisers.

He said the order would offer customs duty relief for equipment, goods and supplies for a period not exceeding five years.

Mr Fubler said he believed the venue would become a vibrant attraction for residents and visitors.

Maurice Foley, the OBA senator, said as a St David’s islander he welcomed the investment in the area and added that he looked forward to taking part in events there.