Bermuda Government Boards & Commissions

These, the huge numbers of Bermudians and others the Bermuda Government employs as a percentage of the total working population and the cost of gasoline for aircraft and cruise ships are the main reasons why Bermuda is such an expensive destination. In the high season (April through October) it costs North Americans more to go the 720 miles to Bermuda from North America than it does to go the 3,000 -4000 miles to Hawaii or Europe. And at any time of year, it costs Europeans far more to go to Bermuda than it does to go to the USA, Canada, Middle East, Thailand, South Africa, Australia, New Zealand or Hawaii.

The 2011 Bermuda legislation to provide deposit insurance of $25,000 per depositor is the result of a collaborative effort between financial regulator the Bermuda Monetary Authority (BMA), the Ministry of Finance and the Bermuda Bankers Association (BBA). In addition, technical advice was provided by the International Monetary Fund. Deposit insurance is a guarantee to depositors in a bank that they will be compensated up to a maximum specified amount of their deposits upon failure of that institution. It has three main objectives, to protect small depositors; promote stability in Bermuda's financial system and economy by providing prompt reimbursement or access to insured depositors' funds; and promote competition between financial institutions in Bermuda. Under the legislation, membership of the scheme is compulsory for all relevant financial institutions. The premiums are paid by the banks as a fixed percentage of insurable deposits. The Bermuda Deposit Insurance Corporation has a Bermuda Government/ Ministry of Finance-appointed board of directors to run the scheme. The legislation also entails elements on protection from personal liability and preservation of confidentiality.

• Review, and subsequently approve or disallow variations to the price or charge for electrical power submitted to the Commission by a specified businesses;
• Set out the terms and conditions under which a specified business may make a variation to the price or charge for electrical power;
• Conduct inquiries into the price or charge made for any energy-related commodity;
• Conduct inquiries into other matters concerning the cost or supply of any energy-related commodity;
• Conduct inquiries into any matter which may affect the exercise of the Minister's powers under the Energy Act 2009; and
• Advise the Minister in the discharge of the Minister's functions under the Energy Act 2009.

Established in July 2011 by the House of Assembly as an independent but Government-appointed tribunal on immigration matters. In July 2012 it began to schedule its first appeals, more than a year after it was established. It will make the final decisions on grievances relating to issues such as Bermudian status, permanent residency and work permits. It replaces a Cabinet committee that previously heard appeals of Ministerial decisions. This committee ran the risk of being seen as biased, so the independent tribunal was established instead. There are 12 members of the panel. The tribunal has sought guidance from Government lawyers in drafting rules for the tribunal’s use and the guidance of appellants and lawyers.

Further initiated in July 2011 to look into the price of food on the Island to ensure consumers are protected from “unwarranted increases’ the Premier announced. In her budget brief for the Ministry of Finance in March 2011, she made the following statement: ‘Recently, the prices of food staples in global commodity markets have risen in worrying leaps. The Ministry of Finance has considered the implications for Bermuda and the policy options available to Government. Given that Bermuda imports substantial proportions of the food consumed on Island, we are in the position of ‘price takers’. In these circumstances, a regime of price controls could have unintended consequences including the disruption of supply lines. Accordingly, Government will use the powers of enquiry available under the Price Commission Act 1974 to obtain information from food importers about their import costs and margins to ensure that consumers are protected from unwarranted price increases. Indeed, subsequent to this statement, both the Bermuda Public Services Union and the Bermuda Industrial Union have publicly echoed my own concerns. The Price Control Commission has been empanelled and gazetted. 

1. Obtaining the relevant economic data from the Department of Statistics to identify the essential goods and services that should be the focus of the enquiry;

2. Inviting interest groups, consumers and individual Bermudians, who wish to provide data, statistics and other information, to make submissions to the Commission;

3. Inviting input from wholesalers; supermarkets; convenience stores, discount stores, other businesses and services that provide essential goods and services;

4. Consulting with the various unions including: the Bermuda Trade Union Congress, the Bermuda Industrial Union, the Bermuda Public Services Union, the Fire Services Union, Bermuda Union of Teachers, the Prison Officers Union, etc;

5. Consulting with the Bermuda Small Business Development Corporation, and employer groups including the Chamber of Commerce, Bermuda Employers Council, etc;

6. Obtaining information from shipping companies and other importers regarding the current cost of shipping, both air and freight;

7. Producing a report for the Minister recommending how Government can assist in ensuring that consumers can get the most reasonable price for essential goods and services.

This will be a collaborative team effort between Government, suppliers, retailers and consumers.