The Bermuda Monetary Authority has instructed captives and other re/insurers domiciled in Bermuda to continue holding virtual board meetings for now, if arranging physical board meetings is problematic.
The BMA said it will take into account the challenges around holding physical board meetings in Bermuda due to COVID-19, when assessing compliance with the requirement to hold such meetings for the year ending 31 December 2020.
It acknowledged the “logistical and health difficulties resulting from COVID-19”, which may make it difficult for people to get to Bermuda for meetings. However, it stressed the importance of holding frequent board meetings, which it said is “vital in managing the immediate and long-term challenges arising from COVID-19.”
Re/insurers should therefore “continue to conduct their board meetings virtually, by telephone, video conference or other virtual means, where it is not practical to meet physically during this period,” the BMA said.