Bermuda Monetary Authority controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2024
777 Re licence revocation
The BMA revoked 777 Re's licence following scrutiny of missing audited financial statements and wider financial-impropriety allegations involving its parent group. Critics questioned the timing and scope of the supervisory response, while the case prompted renewed attention to insurer reporting and investment oversight.
2022
Newpoint Financial Corp lawsuit
Newpoint Financial Corp sued the BMA for US$25 million after the Authority rejected its proposed purchase of a controlling interest in Citadel, a Bermuda insurer. Newpoint alleged intentional bad faith, while the BMA's stated concerns reportedly involved controller fitness and compliance matters that the plaintiff denied.
2021
Custodian Life Limited enforcement and litigation
Custodian Life Limited was placed into provisional liquidation after BMA enforcement action. The insurer and policyholder groups later raised allegations concerning the suspension, procedural delays and the protection of end clients, and litigation was brought against the Authority.