Bermuda Monetary Authority Quarterly Regulatory Update (July-September 2021)

International Activities

The Bermuda Monetary Authority (BMA) continued its efforts to promote global cooperation and information sharing in the financial services sector. Key highlights include:

• International Association of Insurance Supervisors (IAIS): The BMA participated in several committees and working groups, including:
  • Risk Trends and Methods Group (CRTMG): Co-lead of the Beneficial Ownership project
  • FATF Recommendation 24 Working Group: Represented IAIS as an Observer organization
• Caribbean Financial Action Task Force (CFATF): The BMA co-led the Risk Trends and Methods Group (CRTMG) Beneficial Ownership project
• Sustainable Insurance Forum (SIF): Launched its Climate Training Alliance Portal for regulators during COP26

Domestic Activities

The BMA engaged with various domestic stakeholders, including:

• Financial Stability Board (FSB) Regional Consultative Group Americas: Participated in the Non-Bank Financial Intermediation Working Group
• Global Financial Innovation Network (GFIN): Elected into the Coordination Group, setting GFIN’s strategic vision and direction

Meetings and Presentations

The BMA hosted several meetings and presentations, including:

• Public Information Session: Supported the publication of its revised application paper for IAIS approval
• GFIN Annual Meeting: Presented insights on GFIN’s future and participated in a panel discussion moderated by the GFIN Chair
• Bilateral Meetings: Held with organizations such as:
  • National Association of Insurance Commissioners
  • Prudential Regulation Authority

Conclusion

The BMA remained active in regional and international regulatory forums, engaging with various stakeholders to advance common interests and share best practices.