Notice - Proposed Amendments to Insurance Code of Conduct, Insurance (Group Supervision) Rules 2011 and Insurance (Prudential Standards) (Insurance Group Solvency Requirement) Rules 2011 (2026-06-09)

Summary

This is a BMA notice announcing a Consultation Paper (CP) proposing amendments to the Insurance Code of Conduct, the Insurance (Group Supervision) Rules 2011, and the Insurance (Prudential Standards) (Insurance Group Solvency Requirement) Rules 2011. It does not itself impose new binding requirements but invites stakeholder feedback on proposed changes before they are finalised.

• Prudent Person Principle: Proposed clarification of insurer expectations for applying the Prudent Person Principle (PPP).
• Group supervision framework: Proposed enhancements to the insurance group supervision framework.
• Conduct of Business scope: Proposed expansion of the Conduct of Business (COB) framework in the Code of Conduct to cover all insurers writing retail business directly to individuals, whether in Bermuda or overseas.

These proposals follow earlier consultation papers issued in December 2024 on the PPP and group supervision enhancements, and this CP is intended to conclude that consultation process. Stakeholders are invited to submit comments to the Authority by the stated deadline.

Key obligations

• Stakeholders wishing to comment must submit their views on the proposed amendments to riskanalytics@bma.bm no later than Monday, 27 July 2026.

Applies to

insurers, insurance groups

Deadlines

• Monday, 27 July 2026: Deadline for stakeholders to submit comments on the proposed amendments to riskanalytics@bma.bm