Notice - Extension of the consultation period for Guidance Notes for Recovery Planning Requirements for Bermuda Commercial Insurers (2025-04-24)

Summary

This is a short notice from the Bermuda Monetary Authority extending the public consultation period on its draft Guidance Notes for Recovery Planning Requirements for Bermuda Commercial Insurers. The extension responds to stakeholder requests for more time and does not alter any substantive requirements.

• New consultation deadline: The consultation period on the draft Guidance Notes is extended to 30 September 2025.
• No new requirements: The draft Guidance Notes only elaborate on existing standards under the Insurance (Prudential Standards) (Recovery Plan) Rules 2024 and do not create new or additional requirements.
• No change to Rules timeline: The extension does not affect the date the Rules take effect or the date by which insurers must submit their recovery plans to the Authority.

Stakeholders with questions can contact the BMA Secretariat at FSRD@bma.bm.

Applies to

Bermuda commercial insurers, stakeholders responding to the consultation

Deadlines

• 30 September 2025: Extended deadline for stakeholder responses to the public consultation on the draft Guidance Notes for Recovery Planning Requirements for Bermuda Commercial Insurers.