Notice - 2019 Filing Requirements for Insurance Intermediaries (2019-02-08)

Summary

This notice from the Bermuda Monetary Authority confirms 2019 filing and compliance requirements applicable to insurance intermediaries, specifically Insurance Managers, Brokers and Agents. It sets out the annual return filing process, the applicable prudential rules, and the compliance deadline for the new Code of Conduct.

• Prudential Standards Rules: The Insurance (Prudential Standards) (Insurance Brokers and Agents Annual Return) Rules 2018 have been effective since 1 January 2019.
• Brokers and Agents Annual Return: The Annual Return Template for Brokers and Agents must be completed and emailed in Microsoft Excel format to InsuranceIntermediaries@bma.bm by the filing deadline of 30 June 2019.
• Insurance Managers Annual Return: The Annual Return Template for Insurance Managers, updated with new Sanctions and Zones tabs, must be emailed in Microsoft Excel format to InsuranceManagers@bma.bm by 30 June 2019.
• Code of Conduct: The Brokers and Agents Code of Conduct is already in effect, with full compliance required by 1 January 2020.

The notice directs recipients to the Authority's website for the current legislation, templates and guidance, and to a dedicated email address for any questions.

Key obligations

• Insurance Brokers and Agents must submit their completed Annual Return Template in Microsoft Excel format to InsuranceIntermediaries@bma.bm on or before 30 June 2019
• Insurance Managers must submit their completed Annual Return Template in Microsoft Excel format to InsuranceManagers@bma.bm on or before 30 June 2019
• Insurance Brokers and Agents must achieve full compliance with the Code of Conduct by 1 January 2020

Applies to

Insurance Managers, Insurance Brokers, Insurance Agents

Deadlines

• 30th June 2019: Deadline for Brokers and Agents to file their Annual Return Template
• 30th June 2019: Deadline for Insurance Managers to file their Annual Return Template
• 1 January 2020: Compliance deadline for the Brokers and Agents Code of Conduct
• 1 January 2019: Effective date of the Insurance (Prudential Standards) (Insurance Brokers and Agents Annual Return) Rules 2018