Susan Davis-Crockwell
BMA Deputy Director,
Enforcement
Gerald Gakundi
BMA Deputy MD,
Supervision - Insurance

The BMA - Mission Statement and role

The Bermuda Monetary Authority (Authority or BMA) regulates Bermuda's financial services sector.

The Authority was established under the Bermuda Monetary Authority Act in 1969. Its role has evolved over the years to meet changing needs in the financial services sector. Today it supervises, regulates and inspects financial institutions operating in the jurisdiction. It also issues Bermuda's national currency, manages exchange control transactions, assists other authorities with the detection and prevention of financial crime, and advises Government on banking and other financial and monetary matters.

The Authority develops risk-based financial regulations that it applies to the supervision of Bermuda's banks, trust companies, investment businesses, investment funds, fund administrators, digital asset businesses, money service businesses, corporate service providers and insurance companies. It also regulates the Bermuda Stock Exchange and Bermuda Credit Union.

Mission Statement

"We contribute to Bermuda's financial stability, protect customers of financial services and protect Bermuda's currency through:

"Our Vision"

A globally respected and trusted financial services regulator enabling solutions for customer needs.

Insurance Appeal Tribunal Regulations, 2011

Filing of response by BMA when an appeal to a BMA action is filed :
Section 10 (1) In every appeal the BMA shall be the respondent.
(2) The Authority shall, within 28 days of receiving a copy of a notice of the grounds of appeal, file with the secretary a response to the particulars set out in the notice.
(3) The Authority shall, when filing a response, serve a copy of the response on the appellant and on any person to whom a copy of the notice of appeal was served pursuant to regulation 4(2)(b).
NB the BMA failed to respond to CL's appeal, lodged 14 July 2022, until 3 May 2023!!

Press Coverage

The following articles are some of the press coverage concerning the actions and regulatory failings of the BMA, the JPL's concerning Custodian Life, Newpoint Financial (Europe) Limited etc.. :-

(18/3/25) Custodian Life Inquiry: Deep Dive into Bermuda's Regulatory Crisis
(18/3/25) IFA's & policyholders call for Bermuda Govt enquiry into capricious BMA actions
(13/1/25) Newpoint Financial Corp. v. Bermuda Monetary Authority et al: Judgment ("Dismissing Appeal")
(31/10/24) Nearly 300 Custodian Life Clients Affected by Serious GDPR Breach
(15/10/24) Bermuda Regulator Breaks Insurance Law, MOF Summoned
(21/9/24) Ongoing Saga: Custodian Life: Bermuda update
(22/8/24) Bermuda regulator Sued In USA for "blatant malfeasance"
(9/8/24) Bermuda regulator called offside by investor policyholders
(3/1/24) Provisional liquidators for Custodian Life suspend all redemptions amid "restructure"
(5/12/22) Bermuda Monetary Authority sued for $25 million
(29/11/22) Newpoint Financial Corp. v. Bermuda Monetary Authority et al: Complaint ($25M)


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