Stakeholder Letter - Public Consultation on the Guidance Note for Recovery Planning Requirements for Bermuda Commercial Insurers (2025-04-11)

Summary

This is a stakeholder letter from the Bermuda Monetary Authority opening a public consultation on draft Guidance Notes for recovery planning requirements applicable to Bermuda commercial insurers. The Guidance Notes elaborate on the standards already set out in the Insurance (Prudential Standards) (Recovery Plan) Rules 2024, covering the Authority's expectations for the structure and content of a Recovery Plan.

• Purpose: Provides draft Guidance Notes clarifying BMA expectations on the structure and content of Recovery Plans under the 2024 Recovery Plan Rules
• Consultation period: 90 day public consultation period on the draft Guidance Notes
• Feedback mechanism: Stakeholders invited to submit comments by email to FSRD@bma.bm
• Next step: BMA intends to issue a final version of the Guidance Notes following the consultation

This letter itself is a consultation invitation rather than a binding rule, so it does not create standalone compliance obligations beyond the invitation to comment by the stated deadline; substantive recovery planning obligations arise from the underlying 2024 Rules and the eventual final Guidance.

Key obligations

• Stakeholders wishing to comment must email feedback on the draft Guidance Notes to FSRD@bma.bm no later than Friday, 11 July 2025

Applies to

Bermuda commercial insurers

Deadlines

• Friday, 11 July 2025: Deadline for industry stakeholders to submit feedback on the draft Guidance Notes for Recovery Planning Requirements