BMA tells re/insurers to carry on holding virtual board meetings

The Bermuda Monetary Authority will take into account the challenges around holding physical board meetings in Bermuda due to COVID-19, when assessing compliance with the requirement to hold such meetings for the year ending 31 December 2020.

The BMA acknowledged the “logistical and health difficulties resulting from COVID-19”, which may make it difficult for people to get to Bermuda for meetings. However, it stressed the importance of holding frequent board of directors meetings, which it said is “vital in managing the immediate and long-term challenges arising from COVID-19.”

The BMA has therefore called on registrants “to continue to conduct their board meetings virtually, by telephone, video conference or other virtual means, where it is not practical to meet physically during this period.”