Notice - Consultation Paper - Proposed Recovery Planning Rules (2023-05-22)

Summary

This BMA notice announces a consultation paper setting out proposed Recovery Planning Rules for the Bermuda commercial insurance sector. The Rules would require insurers to prepare in advance for severe stress scenarios, giving the Authority formal oversight powers to assess an insurer's options for recovering financial strength and viability in a crisis.

• Purpose: Formalises BMA oversight of recovery planning as part of its prudential framework for insurers.
• Scope: Applies to the Bermuda commercial insurance sector.
• Action requested: Stakeholders are invited to review the consultation paper and submit comments.

No rules are yet in force; this is a consultation stage only, and the Authority has not published a final version of the Recovery Planning Rules in this notice.

Key obligations

• Stakeholders wishing to comment on the proposed Recovery Planning Rules must send feedback to FSRD@bma.bm no later than close of business on 21 July 2023.

Applies to

insurers (Bermuda commercial insurance sector)

Deadlines

• 21 July 2023: Deadline for stakeholders to submit comments on the Proposed Recovery Planning Rules to FSRD@bma.bm