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BMA Offers Expedited Registration Process to Special Purpose Insurers

The Bermuda Monetary Authority (BMA) instituted an expedited process to license and register Special Purpose Insurers (SPIs) permitted to carry on restricted special purpose business and which issue catastrophe or mortgage bonds. The procedure offers important enhancements and places Bermuda as the fastest jurisdiction in the world for registration of SPIs. The process took effect on 13 August 2021.

The expedited process offers several advantages over the traditional process. These are:

  • a turnaround time of just three business days;
  • process may be initiated on any business day by submitting an application prior to 5 pm (Bermuda time);
  • required information is provided through a new SPI checklist with no need to submit a business plan; and
  • one-step application process to formally register as an SPI.

Details of the process and required documentation are outlined within the application checklist, which is available at www.bma.bm/document-centre/policy-and-guidance-insurance.

 

To continue reading full articles in PDF format:
BMA Offers Expedited Registration Process to Special Purpose Insurers

 



William Cooper
Associate

Bermuda   +1 441 279 5351


Charles G.R. Collis
Director, Head of Bermuda Corporate Practice

Bermuda   +1 441 299 4918


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