Notice - Insurance (Eligible Capital) Amendment Rules 2015 (2014-10-01)

Summary

This notice announces the Insurance (Eligible Capital) Amendment Rules 2015, made by the Bermuda Monetary Authority under section 6A of the Insurance Act 1978. The amendment extends the existing Insurance (Eligible Capital) Rules 2012, which currently apply enhanced reporting and capital measures (linked to Bermuda's Solvency II framework) to Classes 4, 3B, E and 3A insurers, so that they also apply to Class C and Class D insurers.

• Scope expansion: Paragraph 3 of the principal Rules is amended to insert references to Class C and Class D alongside existing references to Class 4 (in subparagraphs (1) and (3)) and Class 3A (in subparagraph (5)).
• Effect: Class C and Class D insurers become subject to the same eligible capital reporting and capital measures already imposed on Classes 4, 3B, E and 3A.
• Commencement: The amending Rules are stated to come into force on 31 December 2015.

The document is presented as a notice describing rules that were proposed and made; affected insurers in the newly covered classes should review the amended Insurance (Eligible Capital) Rules 2012 to determine specific reporting and capital compliance requirements.

Key obligations

• Class C and Class D insurers must comply with the eligible capital reporting and capital measures set out in the Insurance (Eligible Capital) Rules 2012, as amended, once the amendment takes effect.

Applies to

Class 4 insurers, Class 3B insurers, Class E insurers, Class 3A insurers, Class C insurers, Class D insurers

Deadlines

• 31 December 2015: Date on which the Insurance (Eligible Capital) Amendment Rules 2015 come into force, extending coverage to Class C and Class D insurers.