The Department of Immigration has extended the Actuary Work Permit Policy until July 31, 2027.

A spokesman said the policy played a critical role in hiring skilled and qualified professionals in an important economic sector.

Jason Hayward, the Minister of Economy and Labour, added: “Bermuda's insurance and reinsurance industry is a cornerstone of our economy and depends on access to highly specialised actuarial expertise.

“Extending the actuary work permit policy provides employers with continued certainty and efficient processing while maintaining the integrity of Bermuda’s immigration system.

“This balanced approach supports economic growth and reinforces Bermuda's position as a leading international financial centre.”

The policy allows qualified actuary work permits to be processed within ten working days.

To be eligible, applicants must be a qualified actuary with a recognised designation and three years of relevant professional experience.

Positions must be advertised in accordance with policy requirements and completed applications must be accompanied by evidence of professional qualifications or actuarial designation.

The policy applies to new work permits, including standard, intra-company transfers, periodic and new business applications. It does not apply to promotions or job title changes.

Employers who wish to expedite processing must e-mail the Department of Immigration immediately after submitting a qualifying application.

The department encouraged employers to review the policy to make sure all application requirements were met.