Notice-BSCR Update Proposal-Updated Timelines (2017-04-13)

Summary

This notice from the Bermuda Monetary Authority updates the timeline for its Bermuda Solvency Capital Requirement (BSCR) Update Proposal, which was first published for consultation on 15 March 2017. It sets out revised dates for draft rules, a trial run filing, and publication and entry into force of the new BSCR rules.

• Draft rules: To be provided by the Authority on 21 April 2017.
• Trial run filing: Insurers must file a trial run of the proposed BSCR changes, as an additional requirement alongside the usual annual filing, by 15 June 2017 (a one month extension from the previously proposed date).
• New rules published: The new BSCR rules, consolidating all future amendments into one legislative document, will be published by 31 July 2018.
• New rules in force: The new rules, inclusive of transitional arrangements, will enter into force on 31 December 2018.

Questions on the updated timelines or the underlying consultation paper can be directed to the Authority's Risk Analytics team via the email address provided in the notice.

Key obligations

• Insurers subject to the BSCR must file a trial run of the proposed BSCR changes, as an additional requirement to their usual annual filing, by 15 June 2017.

Applies to

insurers subject to the Bermuda Solvency Capital Requirement (BSCR)

Deadlines

• 21st April 2017: Authority to provide draft BSCR rules
• 15th June 2017: Trial-run of BSCR proposals to be filed as an additional request alongside the usual annual filing
• 31th July 2018: New BSCR rules to be published, consolidating all future amendments into one legislative document
• 31st December 2018: New BSCR rules, including transitional arrangements, enter into force