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Catastrophe bond sponsors locating their issuance structures in Bermuda are now benefit from much faster licensing and registration, the Bermuda Monetary Authority (BMA) has announced.
The regulator says its process for licensing and registration of new cat bond vehicles has been reduced to just three days in a “significant enhancement” to its regulatory regime for insurance-linked securities (ILS). It consolidates licensing and registration into a single processes issuers can initiate on any business day by submitting an application by 5pm.
Applications are only accepted electronically with registration fees paid on application.
The new process “aligns with the evolving needs of the ILS market”, the regulator added. The changes came into on August 13, according to the BMA notice.
Bermuda Monetary Authority (BMA), Catastrophe, Licensing & Registration, Insurance-Linked Securities, Insurance, Reinsurance, Bermuda