Meanwhile, a life insurer operating solely in Bitcoin, has secured regulatory approval from the Bermuda Monetary Authority (BMA) for a long-term commercial licence after graduating from the innovation sandbox.
According to the firm, Meanwhile Insurance Bitcoin, the company’s operating subsidiary, is the first business to ever receive the Class IILT licence from the BMA and the only life insurer in the world that operates entirely in Bitcoin.
Meanwhile Insurance reports all financials, reserves, and regulatory filings in Bitcoin, as well as conducting all premium payments and claims exclusively in the cryptocurrency.
The approval comes after an 18-month process in the Insurance Regulatory Sandbox, during which the company had to create, launch, and validate the governance, risk, and compliance operations of a life insurer to comply with the BMA’s Solvency II equivalent regulatory requirements.
Founded in 2021, Meanwhile offers licensed and regulated whole life insurance in Bitcoin, allowing policyholders to leverage the value of cryptocurrency and pass it on to the next generation while enjoying the privileged tax treatment of life insurance contracts.
Zac Townsend, co-founder and CEO of Meanwhile, remarks: “This approval validates our innovative approach to life insurance and marks a significant milestone in our mission, allowing us to credibly make promises to our policyholders for decades to come.
“We are excited to continue innovating within the life insurance industry to bring solutions to the millions of participants in the digital asset economy.”
