Notice - Designating the Head of an Internationally Active Insurance Group (2022-05-23)

Summary

This BMA notice announces a consultation on proposed amendments to the Insurance Act 1978 that would define the term 'Head of the IAIG' (Internationally Active Insurance Group) and set out the criteria for determining which entity within an IAIG should be designated for group-wide supervision. It is part of the Authority's ongoing alignment with the IAIS Common Framework for IAIGs.

• Purpose: Solicits stakeholder feedback on proposed legislative amendments defining the Head of the IAIG and the designation criteria for group-wide supervision.
• How to respond: Comments on the proposed amendments should be emailed to policy@bma.bm.
• Deadline: Comments must be received no later than close of business on 30 June 2022.

This is a consultation notice rather than a final rule change, so it does not itself impose new compliance requirements beyond inviting comment within the stated window.

Key obligations

• Stakeholders wishing to comment on the proposed amendments must submit comments to policy@bma.bm no later than close of business on 30 June 2022.

Applies to

Internationally Active Insurance Groups (IAIGs), insurers and insurance groups regulated under the Insurance Act 1978, industry stakeholders

Deadlines

• 30 June 2022: Deadline for stakeholders to submit comments on the proposed amendments to the Insurance Act 1978 regarding designation of the Head of the IAIG.