Consultation Paper - Proposed Insurance (Internationally Active Insurance Group Supervision) Rules 2026

Summary

This is a BMA consultation paper seeking industry feedback on proposed new Insurance (Internationally Active Insurance Group Supervision) Rules 2026. The proposed Rules would act as an overlay to Bermuda's existing insurance group supervision framework, giving effect to the IAIS ComFrame qualitative standards specifically for Internationally Active Insurance Groups (IAIGs), with a particular focus on the responsibilities of the 'Head of IAIG'.

• Governance: Clearer accountability for the Head of IAIG (or its board) for group-wide governance, strategy articulation via the Group Solvency Self-Assessment (GSSA), board competence, and conflict-of-interest management across the group.
• Risk management and internal controls: More granular group-wide requirements for identifying, assessing, managing and reporting risks on a consolidated basis, including intra-group transactions and exposures.
• Enterprise risk management: Enhanced ERM expectations covering investment risk management and liquidity risk management (assessment, stress testing, contingency funding, and liquidity reporting to the Authority).
• Supervisory reporting: Strengthened, more timely disclosure and reporting obligations, including reporting of material changes affecting the IAIG's risk profile, to complement existing filings such as the BSCR.
• Crisis coordination: Expectations for cooperation with the Authority and other supervisors (e.g. Crisis Management Groups) on information sharing, supervisory coordination and recovery/resolution preparedness.

The proposals do not cover the Insurance Capital Standard (ICS) or the forthcoming resolution framework, which are being progressed through separate workstreams. This is a consultation only; the proposed text is not final, and the BMA is targeting publication of final Rules in Q4 2026 after considering feedback. Stakeholders are invited to comment, including on three specific consultation questions, by 30 September 2026.

Key obligations

• Industry and other stakeholders wishing to respond must submit feedback on the proposals to policy@bma.bm by close of business on Wednesday, 30 September 2026
• (Proposed, not yet in force) Once finalised, the Head of IAIG would be required to provide the Authority with a consolidated group-wide view of the IAIG's structure, an annual explanation of group strategy via the GSSA, and regular or ad hoc reporting of material changes affecting the IAIG

Applies to

Internationally Active Insurance Groups (IAIGs), Head of IAIG, insurance groups, insurance holding companies

Deadlines

• Wednesday, 30 September 2026: Deadline for industry and stakeholders to submit comments on the consultation paper to policy@bma.bm
• Q4 2026: Target date for the Authority's publication of the final Insurance (Internationally Active Insurance Group Supervision) Rules, following consideration of consultation feedback