Bermuda Monetary Authority

The Bermuda Monetary Authority (BMA) is Bermuda's integrated financial regulator, responsible for licensing and supervising captive insurance companies under the Insurance Act 1978, as amended, alongside its broader mandate covering banking, investment business, and other regulated financial activity on the island. Captive licensing in Bermuda uses a multi-class system — Class 1 through 4 for general business, Class A through E for long-term business — with each class carrying its own capital and reporting requirements based on the scale and nature of the business being underwritten.

The BMA's Insurance Licensing team reviews new applications, with an internal committee providing independent review before a license is granted. Bermuda achieved Solvency II equivalence under the BMA's oversight in 2016, giving Bermuda-licensed captives a degree of international regulatory recognition that supports their access to global reinsurance markets. The BMA is one of the longest-established captive regulators in the world, reflecting Bermuda's position as the largest offshore captive domicile.