The Bermuda Ministry of Economy and Labour has renewed the expedited Actuarial Work Permit process for one year, from 1 August 2023 to 31 July 2024. The initiative has been in place since mid-2022 in response to the ongoing, high worldwide demand for qualified actuaries.
The expedited process grants employers time-saving benefits to help them move quickly on hirings and remain competitive in the international job market. The expedited process applies to overseas hires as well as permit renewals and permits for professionals already on the island. In addition, the Department of Immigration has agreed to an expedited turn-around-time of five working days for any applications submitted under the qualified actuary initiative and for spouse/partner applications.
In a change from the previous policy, companies are now required to advertise open positions locally to give qualified Bermudian actuaries an opportunity to apply. Permit applications will not be considered complete until the local advertising requirements have been fulfilled.
To qualify for an expedited work permit, a prospective employee must meet the following criteria:
- be a member, with fellowship or associateship status, of one the following actuarial associations:
- Canadian Institute of Actuaries
- Society of Actuaries
- American Academy of Actuaries
- Institute of Actuaries
- an equivalent, and officially recognised, actuarial body in another country
- have at least three years of relevant professional experience in the insurance, reinsurance or consulting industries
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