Bermuda Monetary Authority Amendment Act 2025

What this bill does

This bill allows Bermuda's banking regulator (BMA) and deposit insurance agency (BDIC) to share confidential information with each other to better protect bank deposits and financial stability. It also increases various fees that insurance companies must pay to operate in Bermuda.

If passed (voted YES)

• The BMA and BDIC can share sensitive financial information to coordinate their work protecting bank customers and preventing financial crises
• Insurance companies will pay higher annual fees - some increases range from 22% to 30% depending on the company size
• A new fee structure is created for large international insurance groups, with fees up to $1.25 million per year

If rejected (voted NO)

• The two financial agencies would continue operating separately without being able to share confidential information
• Insurance company fees would remain at current 2024 levels
• Large international insurance groups would continue under the existing fee structure

Who it affects

This primarily affects Bermuda's banking customers (through improved deposit protection coordination) and insurance companies operating in Bermuda (through higher regulatory fees). The general public may benefit from stronger financial oversight and crisis prevention.