Stakeholder Letter - Proposed Amendments to the Insurance Returns and Solvency Regulations 1980 (2015-10-12)

Summary

This is a short stakeholder letter from the Bermuda Monetary Authority (BMA) providing an update on proposed amendments to the Insurance Returns and Solvency Regulations 1980. It follows a December 2013 consultation paper and draft legislation aimed at enhancing statutory financial return reporting requirements, and reports on changes made in response to industry feedback.

• Background: On 30 December 2013 the BMA published a consultation paper and draft legislation to enhance reporting requirements for the statutory financial return covering Class 1, 2, 3, A and B insurers and Special Purpose Insurers.
• Changes made: Following stakeholder dialogue, the BMA amended the cover sheet and the proposed own risk assessment and supporting schedules to provide greater clarity and avoid duplication of consolidated items.
• Where to find it: The amended draft legislation is available in the Document Centre, Consultation Papers, Insurance section of the BMA website.

The letter itself is informational, thanking stakeholders and pointing them to the amended draft legislation; it does not itself impose new reporting obligations or set deadlines.

Applies to

Class 1 insurers, Class 2 insurers, Class 3 insurers, Class A insurers, Class B insurers, Special Purpose Insurers