Explanatory Memorandum - Insurance (Prudential Standards)(Group Solvency Requirement) Rules 2011

Summary

This is an explanatory memorandum accompanying the Bermuda Monetary Authority's proposed Insurance (Prudential Standards)(Group Solvency Requirement) Rules 2011. It explains that the draft Rules implement proposals from the Authority's 2010 consultation papers on the Insurance Groups Regulatory Framework and on Disclosure and Transparency, made under sections 6A and 27F of the Insurance Act 1978.

• Scope of the Rules: Sets out requirements relating to the capital and solvency return and the enhanced capital requirement for insurance groups.
• Purpose of this memorandum: Invites views from the insurance industry and other interested persons on the proposed Rules.
• Comment deadline: Comments must be sent to the Authority at policy@bma.bm no later than February 28th, 2011.

This document is a consultation notice rather than a final rule; it does not itself impose ongoing compliance obligations beyond inviting comments within the stated timeframe.

Key obligations

• Interested persons wishing to comment on the proposed Rules must send their comments to policy@bma.bm no later than February 28th, 2011.

Applies to

insurance groups, insurers regulated under the Insurance Act 1978

Deadlines

• February 28th, 2011: Deadline for the insurance industry and other interested persons to submit comments on the proposed Insurance (Prudential Standards)(Group Solvency Requirement) Rules 2011 to policy@bma.bm.