The Bermuda Monetary Authority updates its licensing process for insurers

The Bermuda Monetary Authority (BMA) released an Information Bulletin - Insurance Assessment and Licensing Committee (IALC) Update, on 29 January 2026 outlining updates to its licensing process for insurers (Updated IB). The Updated IB replaces the prior Information Bulletin on the IALC that the BMA released on 29 July 2020.  Also included in the Updated IB are updated application forms. Going forward it is important to use the current forms and instructions when making applications to the IALC.

The IALC was established by the BMA’s Board of Directors for the purpose of reviewing and making decisions regarding the applications for registration under the Insurance Act 1978 (Act) and the related regulations and rules. The Updated IB states that:

“[t]o be approved by the IALC, applications must meet the Minimum Criteria for Registration as prescribed by the Act. The business plan must be viable, and the proposal must be within the BMA’s risk appetite. The IALC will not approve applications that do not meet the Minimum Criteria for Registration.”

The IALC will continue to meet on Fridays and applications remain due by 5pm on the Monday for consideration at Friday’s meeting. Once the IALC approves an application, the applicant can apply for registration. Applicants are typically notified of the IALC’s decision on the same day that the IALC meets to deliberate the application. The IALC decision will be either ‘approved’, ‘approved subject to’ or ‘declined’. The IALC approval letters are valid for six months. 

The Updated IB has a new section regarding pre-IALC engagement. While informal pre-IALC engagement is currently standard practice, formalising the provides clarity and consistency on the process. Pre-IALC engagement allows for early identification of potential opportunities for clarification and alignment of the requirements.  Feedback is normally given within one to two weeks. 

The Updated IB also expands on the submission process and application contents for registration for all insurers. This section notes that the principle of proportionality will be applied when implementing the BMA’s risk-based framework, taking into account the nature, scale and complexity of the business and the materiality of the risks associated with the proposed company. The Updated IB provides a detailed list of documents and information that is required by all classes of insurers, but notes this list is not exhaustive.   Applicants may be required to provide additional details as necessary. 

Additionally, the Updated IB has a new comprehensive section regarding licence-specific application requirements. Previously there was only a section for applicants wanting to register under section 10 of the Act (registration of insurance managers and intermediaries). Applicants should refer to the specific requirements for the class of insurer that is being considered. 

While the application forms included in the Update IB are very similar to the previous versions, it is important to use the updated forms for new registrations. Overall, the Updated IB is welcomed for its clarification of the process for registering new insurers. If you have any questions regarding the updated procedure please contact us.