Senate approves raft of financial legislation
Legislation to strengthen the Bermuda Monetary Authority’s oversight of the insurance industry was approved by the Senate yesterday.
The Insurance Amendment No 2 Act 2025 allows the BMA to take on the role of industry supervisor, and creates a regime for regulating designated insurance holding companies for the purposes of group supervision.
It further requires the designated holding company to notify the BMA of any mergers or changes in designation.
Crystal Caesar, the spokeswoman for finance in the Senate, said the BMA regularly monitors insurance developments, ensuring that its conferred powers “remain relevant, appropriate and aligned with international standards”.
She told the Senate that the enhancement of insurance group supervision was “a topic of global importance”.
The Senate also approved the Beneficial Ownership Amendment Act 2025, designed to tweak the principal legislation to align with international standards.
The Land Valuation and Tax Amendment Act 2025, modernising provisions of the 1967 Act, has been approved by the Senate.
Mischa Fubler, a government senator, said the legislation will enable the Department of Land Valuation to adopt digital forms, electronic notices and streamline data submission.
He said the process “will save time, reduce costs and significantly improve the quality of the submitted valuation data”.
Mr Fubler added: “Digital submission is not only a convenience. It is a fundamental step in ensuring Bermuda’s valuation system remains fair, transparent and capable of supporting sustainable public finance.”
Kim Wilkerson, the Attorney-General and Minister of Justice, told the Senate that the Beneficial Ownership Act, passed in September, established the legislative framework for a central registry, to streamline signing up for the newly implemented list of beneficial owners of Bermudian-based companies.
Ms Wilkerson said it had come with wide industry consultation.
Victoria Cunningham, Opposition Leader in the Senate, gave the One Bermuda Alliance’s support, saying the legislation kept the jurisdiction in line with the financial action task force.
John Wight, Vice President of the Senate, also approved, saying it aligned Bermuda with international standards.
The Bermuda Monetary Authority Amendment Act 2025, which enables the sharing of confidential information between the BMA and the Bermuda Deposit Insurance Corporation, was also passed.
The move ensures the effective alignment of the two organisations on depositor protection and financial stability.
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