The Bermuda Monetary Authority (BMA) has announced that the Insurance Licensing Advisory Committee (ILAC) will continue to review all insurance applications for registration, under the Insurance Act 1978, beyond its initial six-month term.
The BMA issued a notice on 22nd November 2016 saying that it had instituted ILAC to review all insurance applications for registration, under the Insurance Act 1978, for a period of six months. At the time the BMA said that this was this was an interim period. The BMA did not say exactly how long ILAC will now operate for these reviews.
The BMA said that it will also continue to refine the insurance licensing process by providing “speed to market” while protecting Bermuda’s best interests as a highly regarded and well-regulated jurisdiction.
ILAC will meet every Friday to review applications received by 5 pm on Monday of the same week. Applicants will be notified of the results by close of business on the Friday. A confirmation letter will follow.
ILAC will operate as an advisory committee and final decisions will be made by the CEO or his executive level designate.
Additionally, prior to Q4-2017 a revised Information Bulletin will be circulated by the BMA which will include information on the enhancements to our current regime and realign expectations.
In a statement the BMA said that: “The [BMA] is aware of its vital role in maintaining Bermuda’s economic health, and we look forward to continuing to provide service to the community.”
Bermuda Monetary Authority, Insurance Licensing Advisory Committee, Bermuda