The Bermuda government says it is extending the Actuary Work Permit Policy by one year to ensure the continued timely processing of work permit applications for qualified actuarial professionals who support Bermuda’s internationally recognised insurance, reinsurance and pension sectors.
The Department of Immigration said the policy, which has been extended to July, 31, next year, remains an important component of Bermuda’s immigration framework by helping employers recruit highly skilled actuarial professionals while maintaining appropriate oversight and compliance with Bermuda’s immigration laws. It said actuaries play a critical role in assessing risk, supporting financial stability and helping regulated entities meet their legal and regulatory obligations.
‘Bermuda’s insurance and reinsurance industry is a cornerstone of our economy and depends on access to highly specialised actuarial expertise. Extending the Actuary Work Permit Policy provides employers with continued certainty and efficient processing while maintaining the integrity of Bermuda’s immigration system,’ said Economy and Labour Minister, Jason Hayward.
He said this balanced approach supports economic growth and reinforces Bermuda’s position as a leading international financial centre.
Under the policy, qualifying Actuary work permit applications will continue to be processed within 10 working days, provided that the position requires the applicant to be a qualified Actuary or hold a recognised professional actuarial designation.
The government said that the applicant must demonstrate at least three years relevant professional experience and that the position has been advertised in accordance with policy requirements.
It said that the application is complete upon submission and that no statutory body referral is required as well as evidence of professional qualifications or actuarial designation accompanies the application.
The government said that employers seeking expedited processing must notify the Department of Immigration by email immediately after submitting a qualifying application.
‘The policy applies to new work permits, including Standard, Intra-Company Transfer, Periodic, and New Business work permit applications, but does not apply to promotions or changes in job title,’ the Department said encouraging employers to review the Actuary Work Permit Policy and ensure that all application requirements are met to facilitate timely processing.