Notice – Consultation Paper – Proposed Enhancements to the Regulatory Regime for Commercial Insurers: Revised Draft Rules and Guidance Notes (2023-09-22)

Summary

This is a BMA notice announcing publication, for consultation, of revised draft rules and guidance notes implementing proposed enhancements to Bermuda's regulatory regime for commercial insurers. It follows earlier consultation papers (CP1 and CP2) on long-term insurer enhancements and extends the rule changes to the remaining commercial insurer classes and insurance groups.

• Scope of revised rules: Draft rules covering commercial insurance classes 3A, 3B, 4, C, D and E have now been published for consultation.
• Group rules amendment: The insurance group rules previously published on 8 September 2023 have been amended to clarify that the scenario based approach may only be used for long-term insurance exposures.
• Feedback process: Stakeholders are invited to submit comments on the draft rules and guidance notes to riskanalytics@bma.bm.

The notice is informational and consultative rather than a final rule change; it sets out the consultation timeline and invites industry feedback before the rules are finalised.

Key obligations

• Stakeholders wishing to comment on the draft commercial insurer rules and guidance notes (classes 3A, 3B, 4, C, D, E) and the amended group rules must submit feedback to riskanalytics@bma.bm no later than 29 September 2023.

Applies to

commercial insurers (classes 3A, 3B, 4, C, D, E), insurance groups, long-term commercial insurers

Deadlines

• 29 September 2023: Deadline for stakeholders to submit comments on the draft rules and guidance notes for commercial insurer classes and on the insurance group rules amendment.