Notice - Cyber Risk Management for Insurance Managers, Brokers and Agents (2021-12-17)

Summary

This notice from the Bermuda Monetary Authority announces an update to the Schedule of Cyber Risk Management that forms part of the annual return requirements for insurance managers, and for insurance brokers and agents. The updated Schedule is to be completed on a best efforts basis starting with the 2022 annual filing year.

• What changes: The Schedule of Cyber Risk Management referenced in the Insurance Managers Annual Return Rules 2017 and the Insurance Brokers and Agents Annual Return Rules 2018 has been updated.
• How to comply: The updated Schedule must be completed within the respective Annual Return templates, on a best efforts basis for the 2022 filing year.
• Reference material: Firms may refer to the Insurance Sector Operational Cyber Risk Management Code of Conduct issued in October 2020 for further guidance.
• Distribution: The Schedule will be posted on the BMA website and issued as part of the Annual Return template for Insurance Managers and for Insurance Brokers and Agents.

Queries can be directed to insurancemanagers@bma.bm or insuranceintermediaries@bma.bm.

Key obligations

• Insurance managers, brokers and agents must complete the updated Schedule of Cyber Risk Management within their respective Annual Return templates on a best efforts basis for the 2022 annual filing year.

Applies to

Insurance Managers, Insurance Brokers and Agents

Deadlines

• 2022 annual filing year: Updated Schedule of Cyber Risk Management to be completed on a best efforts basis as part of the Annual Return for this filing year.