Insurance Amendment Act 2025

What this bill does

This bill gives the Bermuda Monetary Authority (BMA) official power to create rules about how insurance companies must prepare and format their required financial reports. It also makes any similar rules the BMA created before this bill legal and valid.

If passed (voted YES)

• The BMA can set detailed standards for how different types of insurance companies must prepare their annual financial statements
• Larger insurance companies (like Class 4 and Special Purpose Insurers) will follow BMA rules, while smaller ones follow government regulations
• Rules made by the BMA for these financial statements won't need approval from Parliament

If rejected (voted NO)

• The current system stays in place where it's unclear who has authority to set financial reporting standards for insurance companies
• Any rules the BMA has already made about insurance company financial reports remain in legal uncertainty
• There would be no clear division of responsibility between the Minister and the BMA for overseeing different types of insurers

Who it affects

This primarily affects insurance companies operating in Bermuda, particularly larger commercial insurers who will now clearly fall under BMA oversight for their financial reporting requirements.