BMA releases May’s monthly registration statistics

The Bermuda Monetary Authority has released its monthly registration information for May 2014.

There were a total of 9 confirmed registered entities of varying types for the month of May, including Class 1 web development and e-marketing company Delphis and the Qatar Reinsurance Company.

It brings the total number of registrations for the year so far to 38, made up of 30 insurers and the remainder being intermediaries. Registered entities this year include XL Life Reinsurance (SAC) and the Hannover Life Reassurance Company of America (Bermuda).

The BMA clarifies that the registration and licensing of these approved insurance entities is subsequent to the Assessment & Licensing Committee (ALC) application process and may be confirmed in future periods.

The monthly ALC application review says there were fourteen insurance applications reviewed in April, two of which were deferred from prior months. As detailed in the monthly statistics, nine of these applications were approved; however two were deferred and three were declined.

A complete list of registration confirmations for the month is as follows: