The Bermuda Monetary Authority (BMA) has reiterated its commitment to promoting financial stability, safeguarding Bermuda’s currency and providing effective and efficient supervision and regulation, as Bermuda’s re/insurance and broader financial services industries struggle to cope with COVID-19.
The BMA also said it has implemented protective measures to ensure the safety of its staff and their families, as well as external visitors, which came into effect on February 6 when it activated its business continuity plan.
Measures include the implementation of social distancing protocols through remote working options and virtual external meetings to limit the exposure of the COVID 19. It has also been liaising with re/insurance industry executives, examining the timing of regulatory initiatives to allow firms to focus on their businesses and assist their customers, and engaging with other government and international peers.
Businesses with concerns related to insurance should contact the BMA on email@example.com, it said.
Bermuda Monetary Authority, BMA, COVID-19