Notice - Compliance with International Sanctions and Data Call (2022-05-16)

Summary

This notice from the Bermuda Monetary Authority follows up on its 18 April 2022 data call regarding international sanctions related to the Russian Federation, Ukraine and Belarus. It clarifies the scope of the data call and extends the submission deadline for affected insurance registrants.

• Scope clarification: Registrants must provide details of all known risk exposures domiciled in the Russian Federation, Ukraine and Belarus, estimated on a GAAP or IFRS basis.
• Template revised: Questions five and six on other internationally sanctioned jurisdictions have been removed; registrants should use the revised template available on the BMA website.
• Deadline extended: The filing deadline is extended from 31 May 2022 to 30 June 2022.
• Best-efforts basis: The Authority acknowledges the ongoing nature of the situation and accepts submissions on a best-efforts basis.

The notice applies to insurance groups and Class 4, 3B, 3A, C, D and E insurers, collectively referred to as registrants. Queries should be directed to RiskAnalytics@bma.bm.

Key obligations

• Registrants must submit details of all known risk exposures domiciled in the Russian Federation, Ukraine and Belarus, estimated on a GAAP or IFRS basis, using the revised template.
• Registrants must submit this data call response by the extended deadline of 30 June 2022.

Applies to

Insurance Groups, Class 4 Insurers, Class 3B Insurers, Class 3A Insurers, Class C Insurers, Class D Insurers, Class E Insurers

Deadlines

• 30 June 2022: Extended deadline for registrants to submit the sanctions-related data call response (previously 31 May 2022).