The House of Assembly has passed legislation enabling the Bermuda Monetary Authority to set rules in relation to statutory financial statements.

David Burt, the Premier and Minister of Finance, said the Insurance Amendment Act 2025 expanded its regulatory power.

He said the Bill validated rules previously made by the body which were related to statutory financial statements.

Mr Burt said the island’s insurance industry operates under a “globally respected regulatory framework” critical to its international standing.

He added: “The authority plays an important role in maintaining the soundness and reputation of our jurisdiction.”

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

He called it essential for Bermuda’s “sterling reputation” as an international financial centre.

Both the BMA and the Attorney-General reviewed the proposals, with no objections.

Opposition MP Douglas De Couto said the One Bermuda Alliance supported it.

He added: “We understand that for the BMA to carry out its functions, it needs to acquire certain amounts of information, certain amounts of data.

“We support this and acknowledge the need for it.”

MPs also greenlighted the Trademarks Amendment Act 2025 to update the island’s intellectual property framework.

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

Jason Hayward, the Minister of Economy and Labour, said trademarks can take the form of words including names, letters or slogans.

They are used to represent the goodwill that the mark’s owners have earned by marketing their products and services.

He said trademarks play a crucial role in a commercial marketplace and business owners rely on them to compete.

He said: “For this reason it is important to provide a legal framework that is comprehensive, modern and consistent with global practices.”

He said while this was accomplished by the Trademarks Act 2023, the Bill gave further clarity and ensured compliance with international standards.

Mr Hayward told MPs that the necessary training for staff has been completed, including training to handle non-conventional trademarks, with ongoing training to keep staff current in the field.