Insurance Amendment (No.2) Act 2025

What this bill does

This bill gives Bermuda's financial regulator (BMA) stronger powers to oversee insurance companies and their parent companies as a group, rather than just individual insurers. It creates a new system where the BMA can directly regulate insurance holding companies when needed for better supervision of the entire insurance group.

If passed (voted YES)

• The BMA can require insurance holding companies in Bermuda to register and follow the same rules as insurance companies, including capital requirements and reporting
• Insurance groups must get approval before making major business changes like mergers or acquisitions, giving regulators more oversight
• The BMA gains clearer authority to supervise complex international insurance groups based in Bermuda, strengthening financial oversight

If rejected (voted NO)

• The current system continues where the BMA primarily regulates individual insurance companies rather than overseeing entire corporate groups
• Insurance holding companies remain largely outside direct regulatory supervision, even when they control multiple insurers
• The BMA's ability to effectively monitor risks across complex insurance group structures remains limited

Who it affects

This primarily affects large insurance companies and holding companies operating in Bermuda, particularly those with complex international group structures. It strengthens consumer protection by ensuring better oversight of insurance groups that serve policyholders.