BMA waives need for on-island board meetings
The Bermuda Monetary Authority has waived the requirement for insurers to hold board meetings on the island during the Covid-19 crisis period.
In a statement published on its website today, the financial regulator also granted a one-month filing extension for re/insurers.
The BMA said it had implemented protective measures to ensure the safety of its staff, their families and external visitors over the past several weeks.
Having activated its business continuity plan on February 6, the BMA implemented “social distancing protocols through remote-working options and virtual conferencing alternatives for all non-critical external meetings”.
The BMA stated: “Given the current travel disruptions caused by the pandemic, the authority recognises that, in a number of cases, Bermuda registrants will be unable to hold physical board of directors meetings in Bermuda.
“The authority will not seek to enforce this requirement during the first half of the 2020 year. However, registrants should still endeavour to hold board meetings via audio or video conferencing during this period.”
Recognising the disruption being caused by the pandemic, the BMA said all Bermudian insurance groups, insurers, intermediaries and insurance managers can request a one-month extension from their respective annual statutory filing date. The regular fee for such an application will be waived.
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