BMA licenses Meanwhile as a digital life insurer
Bermuda-based Meanwhile, which is the world’s first and only life insurer focused on the digital economy, has been licensed to operate as a long-term insurer, the company said.
The company this week received authorisation from the Bermuda Monetary Authority after a lengthy review process which included spending 18 months in the BMA’s regulatory sandbox.
The authorisation means Meanwhile’s operating subsidiary, Meanwhile Insurance Bitcoin (Bermuda) Limited, is now a fully licensed long-term insurer and is the first company to ever receive the Class IILT Licence from the BMA, and the only life insurer anywhere in the world that operates entirely in Bitcoin (BTC).
“This approval validates our innovative approach to life insurance and marks a significant milestone in our mission – allowing us to credibly make promises to our policyholders for decades to come,” said Zac Townsend, Meanwhile co-founder and CEO. “We are excited to continue innovating within the life insurance industry to bring solutions to the millions of participants in the digital asset economy.”
Meanwhile Insurance is entirely on the Bitcoin standard. It states its statutory financials, economic balance sheet, reserves and other regulatory filings entirely in BTC. All premiums and claims are paid in BTC.
“This approval of Meanwhile’s insurance business follows an 18-month process building in the Insurance Regulatory Sandbox,” the company said. “To graduate, Meanwhile had to create, launch, and validate the governance, risk, and compliance operations of a life insurer to comply with the BMA’s Solvency II equivalent regulatory requirements.
“For governance, Meanwhile brought on independent non-executive directors across accounting, actuarial, and technical expertise. Meanwhile launched a full enterprise risk management framework and built out compliance operations.”
Founded in 2021, Meanwhile offers licensed and regulated whole life insurance in Bitcoin, allowing policyholders to leverage the value of cryptocurrency and pass it to the next generation while enjoying the privileged tax treatment of life insurance contracts.
The Class IILT License was introduced by the BMA in 2022 for innovative business models such as insurers operating in digital assets – an innovation the BMA said would “enhance liquidity and risk transfer efficiency” in the insurance space.
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