Several financial services reforms approved by Parliament late last year have now come into force, according to the Bermuda Monetary Authority’s latest Regulatory Update.

The Insurance Amendment (No 2) Act 2025, which strengthens the BMA’s oversight of insurance groups, became operative on January 7.

The act expands the criteria for group supervision and establishes a formal regime for regulating designated insurance holding companies. It also clarifies the circumstances in which the authority will act as group supervisor and requires notification and no-objection for certain material changes involving insurance holding companies.

The reforms were approved by the Senate in December and were described at the time as enhancing Bermuda’s alignment with evolving international supervisory standards.

The Bermuda Monetary Authority Amendment Act 2025 also took effect on January 1.

That legislation allows the BMA to share confidential information with the Bermuda Deposit Insurance Corporation, aiming to strengthen coordination on depositor protection and financial stability.

Amendments to the Insurance (Prudential Standards) rules for Class C, D and E insurers became operative on January 1, 2026, enabling the Authority to obtain asset and liability statements from those insurers.

The measures form part of a broader package of regulatory updates published for the quarter ended December 31.