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A regulatory consultation paper has been published by the Bermuda Monetary Authority

The licence has been granted for an initial period of one year and is said to be the first of its kind

The San Francisco-headquartered company is lending and credit intelligence infrastructure provider

The BMA said the insurer failed to adequately comply with obligations under AML/ATF regulations

Bermuda’s first fintech bank has missed its proposed opening date, and its founder has gone quiet

Banking sector assets contracted, however, by 6.2 per cent or $1.6 billion to $24.4 billion for the first quarter of 2023

Thirty-seven insurers and four intermediaries have been registered this year

The collateralised insurer has been identified as being at the centre of the insurtech’s operations

The financial services regulator approved two Restricted SPI insurers, one each in Class C and the Innovative Intermediary IB class, and an agent

The move by the integrated, diversified, international financial services group will include a change in group supervision to the Bermuda Monetary Authority

The report says the cyberthreat landscape has become more sophisticated, frequent and widespread

Twelve insurance applications were reviewed in May by the Insurance Assessment and Licensing Committee