Bermuda Law Brings Captives into Beneficial Ownership Register for the First Time

The new Act repeals captives’ exemption from beneficial ownership reporting. Captives must identify owners with ≥25% control and maintain a register at their registered office. Filings shift from the BMA to the Registrar of Companies, with pre-approval required for new beneficial owners. Guidance and a transition window were outlined in late October. The change aligns captives with broader corporate transparency rules and adds governance workload for managers and boards. Source: Captive.com #Actomate #Bermuda #Regulatory #RegulatoryChange #OperationalRisk