Notice - Insurance Licensing Advisory Committee (2016-11-22)

Summary

This notice from the Bermuda Monetary Authority announces the creation of an Insurance Licensing Advisory Committee (ILAC) to review applications for insurance registration under the Insurance Act 1978. It explains how the committee will operate on an interim basis and what applicants can expect in terms of timing and process.

• Purpose: ILAC reviews all insurance applications for registration submitted under the Insurance Act 1978.
• Duration: ILAC operates for an interim six month period starting Friday, 25 November 2016, during which the Authority will also examine ways to refine the process.
• Meeting cycle: ILAC meets every Friday to review applications received by 5:00 p.m. on the Monday of the same week; applicants are notified of results by close of business that Friday, followed by a confirmation letter.
• Decision authority: ILAC is advisory only; final licensing decisions are made by the Chief Executive Officer or his executive level designate.
• Future guidance: From Q1 2017, the Authority will circulate a revised Information Bulletin covering enhancements to the licensing regime and realigned expectations.

The notice is primarily informational, describing an internal process change at the Authority, but it does set out timing expectations that affect when insurance applicants will receive feedback on their applications.

Key obligations

• Applicants seeking review of an insurance registration application in a given week must ensure it is received by the Authority by 5:00 p.m. on the Monday of that week to be considered by ILAC that Friday.

Applies to

insurance applicants for registration, insurers seeking licensing under the Insurance Act 1978

Deadlines

• 25th November 2016: Commencement of the interim six month period for ILAC operation.
• six month interim period from 25 November 2016: Duration during which ILAC will operate and the Authority will examine refinements to the process.
• 5:00 p.m. on Monday of each week: Deadline for applications to be received in order to be reviewed by ILAC that same week's Friday meeting.
• close of business each Friday: Applicants are notified of ILAC review results, followed by a confirmation letter.
• Q1 2017: A revised Information Bulletin will be circulated by the Authority covering enhancements to the licensing regime.