Notice-Insurance Managers Annual Return Template (2017-02-06)

Summary

This notice from the Bermuda Monetary Authority announces the publication of the Insurance (Prudential Standards)(Insurance Managers Annual Return) Rules 2017 and an accompanying Annual Return Template for insurance managers. It sets out where to send the completed template and confirms the rules' effective date.

• Documents posted: The Authority has published the Insurance Managers Annual Return Rules 2017 (Prudential Rules) and the Annual Return Template on its website.
• No substantive change: The Prudential Rules were previously released as an appendix to the Insurance Amendment Act 2016 Consultation Paper, with no substantive changes made since.
• Filing requirement: Insurance managers must submit the completed Annual Return Template to insurancemanagers@bma.bm by the filing deadline, the first of which is 30th June 2017.
• Effective date: The Prudential Rules took effect on 12th January 2017 and will be assessed as part of implementing the Insurance Managers' Code of Conduct.

Key obligations

• Insurance managers must complete and send the Annual Return Template to insurancemanagers@bma.bm on or before the filing deadline, the first of which is 30th June 2017.
• Insurance managers must comply with the Insurance (Prudential Standards)(Insurance Managers Annual Return) Rules 2017, effective 12th January 2017.

Applies to

insurance managers

Deadlines

• 30th June 2017: First filing deadline for submission of the Insurance Managers Annual Return Template to insurancemanagers@bma.bm.
• 12th January: Effective date of the Insurance (Prudential Standards)(Insurance Managers Annual Return) Rules 2017.