Bermuda Monetary Authority Report Cites Insurance Supervision Efforts

The Bermuda Monetary Authority (BMA) cited enhancements to its insurance supervision as a key element of its 2025 efforts to refine its regulatory framework to keep pace with global standards.

In BMA's 2025 Annual Report, Craig Swan, BMA's chief executive officer, said, "A key milestone was the enhancement of the insurance group supervision regime to ensure it remained pragmatic and tailored to the unique characteristics, scale, and complexity of Bermuda-based insurance groups."

Mr. Swan said those supervisory refinements were intended to strengthen BMA's regulatory oversight and to provide BMA with greater visibility into group structures and transactions to enhance groupwide financial resilience.

"In addition, the BMA finalized consultation and guidance for commercial insurers and insurance groups applying the Prudent Person Principle (PPP) with a particular focus on complex and private assets," Mr. Swan said.

Mr. Swan noted that transparency was also a key focus of BMA during 2025, with the authority launching a public disclosure regime that requires detailed, granular reporting of assets and liabilities for commercial long-term insurers. "The framework is designed to enhance market discipline and reinforce investors' confidence in Bermuda's regulatory environment," Mr. Swan said.

Bermuda's long-term insurance market remains resilient, Mr. Swan said, with a market analysis and stress testing report showing strong capitalization and liquidity levels, even under severe stress scenarios.

Mr. Swan also addressed BMA's efforts to position Bermuda as a guiding force in digital finance regulation. Among other things, BMA's InsurTech regulatory framework continued to support the development and testing of insurance-related innovative business models, he said.