The Bermuda Monetary Authority (BMA) recently published its annual report for 2019. The report highlights the BMA’s progress and achievements in various areas in 2019. Some highlights from this report are summarized below.
In 2019, the BMA’s new insurance regime placed Bermuda among the only three jurisdictions where qualifying (re)insurers do not need to post additional collateral when (re)insuring US risks. The BMA also ensured that Bermuda’s banking sector was fully compliant with the international standards that govern capital adequacy and liquidity. Moreover, the Caribbean Financial Action Task Force ranked Bermuda’s AML/CFT measures among the best for any peer-reviewed jurisdiction.
The BMA also undertook several initiatives to strengthen its governance framework. For example, the year 2019 marked greater involvement of the Board and Senior Management in making the strategic planning process more efficient. Additionally, the BMA expanded the scope of its enterprise risk management framework by increasing the resources allocated to risk management and laying greater emphasis on risk discovery and mitigation, among other actions.