Notice - Insurance Prudential Rules - Public Disclosures (2015-07-23)

Summary

This is a Bermuda Monetary Authority (BMA) notice announcing that draft amendments to the Insurance Prudential Rules on Public Disclosures have been posted for public consultation. The amendments would change how insurers and insurance groups can seek exemptions from disclosing certain capital management information.

• Rules affected: Rule 3(7) of the Insurance (Public Disclosure) Rules 2011 and Rule 30(7) of the Insurance (Group Supervision) Rules 2011
• Substantive change: The Authority will no longer approve exemptions or modifications to the Financial Condition Report (FCR) capital management disclosure based on claims of competitive disadvantage or contractual confidentiality obligations to policyholders or counterparties
• Rationale: The Authority considers that information on capital management should be disclosed to the public and that competitive disadvantage or confidentiality claims do not provide sufficient grounds for an exemption
• Draft rules open for comment: Insurance (Public Disclosure) Amendment Rules 2015 and Insurance (Group Supervision) Amendment (No. 2) Rules 2015

The notice is a consultation invitation rather than a final rule; stakeholders are asked to submit comments to the Authority by a stated deadline before the rules are finalised.

Key obligations

• Stakeholders wishing to comment on the proposed amendments must send comments to policy@bma.bm no later than 21st August 2015
• Once effective, insurers and insurance groups will no longer be able to obtain exemptions or modifications from disclosing capital management information in the FCR on grounds of competitive disadvantage or confidentiality obligations to policyholders or counterparties

Applies to

insurers, insurance groups

Deadlines

• 21st August 2015: Deadline for submitting comments on the proposed Insurance (Public Disclosure) Amendment Rules 2015 and Insurance (Group Supervision) Amendment (No. 2) Rules 2015 to policy@bma.bm

Related documents

• This document amends Insurance (Group Supervision) Rules 2011
• This document amends Insurance (Public Disclosure) Rules 2015