Notice - Insurance (Public Disclosure) Amendment Rules 2016 and Insurance (Group Supervision) Amendment Rules 2016 (2016-05-13)

Summary

This is a notice from the Bermuda Monetary Authority confirming that final amendments to the Insurance (Public Disclosure) Rules 2015 and the Insurance (Group Supervision) Rules 2012 have been made and will be published in the Official Gazette. The amendments clarify the Authority's approach to exemption requests from certain disclosure requirements for designated insurers.

• Group Supervision Rules: A new sub-Rule (7A) is inserted into Paragraph 30 of the Insurance (Group Supervision) Rules 2012, providing that the Authority will not grant a designated insurer's exemption application under sub-Rule (7)(a) or (b) in relation to the capital management particulars (paragraph (e)) of the financial condition report required under Schedule 3.
• Public Disclosure Rules: A new sub-paragraph (7A) is inserted into Paragraph 3 of the Insurance (Public Disclosure) Rules 2015, similarly barring exemption from the capital management particulars (paragraph (e)) of the financial condition report required under Schedule I.
• Effect: The amendments confirm and formalise a clarification the Authority proposed in July 2015, and will take effect immediately upon incorporation into the Rules.

No new filing obligations are created beyond the existing financial condition report requirements; the notice simply confirms that capital management disclosures cannot be exempted.

Key obligations

• Designated insurers cannot obtain an exemption from providing capital management particulars (paragraph (e)) in the financial condition report of an insurance group under Schedule 3 of the Insurance (Group Supervision) Rules 2012.
• Designated insurers cannot obtain an exemption from providing capital management particulars (paragraph (e)) in the financial condition report required under Schedule I of the Insurance (Public Disclosure) Rules 2015.

Applies to

designated insurers, insurance groups

Related documents

• This document amends Insurance (Public Disclosure) Rules 2015