Notice - Eligible Capital Requirements (2012-02-24)

Summary

This short BMA notice informs insurance industry stakeholders of the commencement date for new eligible capital requirements applicable to both solo legal entities and insurance groups. It also clarifies the status of the underlying legislation for each category.

• Commencement date: Eligible capital requirements for both solo legal entities and groups will commence on 1 January 2013.
• Group requirements: The requirements for groups have already been made, published on Bermuda laws, and uploaded to the BMA website under Legislation.
• Solo entity requirements: The requirements for solo entities are to be made by the end of February 2012 and will then be published on Bermuda laws and uploaded to the BMA website under Legislation.

The notice is informational, alerting insurers and insurance groups to the upcoming effective date and the sequencing of the legal instruments giving effect to the new capital regime.

Applies to

insurers (solo legal entities), insurance groups

Deadlines

• 1st January 2013: Commencement of eligible capital requirements for both solo legal entities and groups
• end of February 2012: Eligible capital requirements for solo entities are to be made (enacted) by this date