Explanatory Memorandum - Insurance (Group Supervision) Rules 2011

Summary

This is an explanatory memorandum accompanying a draft consultation paper for the proposed Insurance (Group Supervision) Rules 2011, issued by the Bermuda Monetary Authority under section 27F of the Insurance Act 1978. It summarises rules the Authority intends to make governing group-wide insurance supervision and invites industry feedback before finalisation.

• Financial and solvency assessment: Rules on assessing the financial situation and solvency of the insurance group.
• Governance and risk management: Rules on the system of governance and risk management applicable at the group level.
• Supervisory reporting and disclosure: Rules on supervisory reporting and disclosure requirements for the insurance group.

The document is a consultation draft, not yet in force, and its purpose is to solicit comments from the insurance industry and other interested persons before the Rules are finalised.

Applies to

insurance groups, insurers within a group structure, insurance industry participants

Deadlines

• February 28th, 2011: Deadline for submitting comments on the proposed Insurance (Group Supervision) Rules 2011 to policy@bma.bm