Insurance Amendment Act 2022 Stakeholder Letter (2022-06-09)

Summary

This is a stakeholder letter from the Bermuda Monetary Authority responding to feedback received on its Consultation Paper for the Insurance Amendment Act 2022. It is informational, summarising the Authority's response to a specific comment received, rather than imposing new requirements itself.

• Section 36(11) insurance debt: A stakeholder noted that the term insurance debt, used in the definition of winding up of insurers carrying on long-term and general business, was not clearly defined. The Authority states it plans to clarify the definition as: a debt to which an insurer is or may become liable pursuant to a reinsurance contract, where that insurer is the person insured.

The letter invites stakeholders needing further clarification on any issue arising from the Insurance Amendment Act 2022 consultation to contact the Authority at policy@bma.bm. No compliance deadlines or binding obligations are set out in this letter itself.

Applies to

insurers carrying on long-term and general business