BMA proposes fee hikes and data sharing
The Bermuda Monetary Authority is proposing fee increases and new powers to improve how it oversees the island’s financial sector.
In a public consultation paper released on July 24, the BMA outlined plans to raise fees on insurance companies and grant itself new authority to share information with the Bermuda Deposit Insurance Corporation.
The changes are designed to help the BMA respond faster in a financial crisis and better protect depositors.
The proposal includes a new annual fee of up to $1.25 million for large international insurance groups and a first-time increase since 2018 for innovative insurers and marketplace providers.
For example, registration fees for certain insurers would rise from $6,180 to $7,500.
To boost co-operation during banking crises, the BMA also wants the legal ability to share confidential data with the BDIC, which offers deposit insurance of up to $25,000 for local account holders. The BDIC’s board has backed the change.
If approved, the amendments would take effect on January 1, 2026. The BMA is asking for public feedback before September 5. Comments can be sent to policy@bma.bm.
• For the full proposal, see Related Media
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