Notice - Prudential Rules - July 2015 (2015-07-17)

Summary

This notice from the Bermuda Monetary Authority announces that it has finalised a package of Prudential Rules amendments for the insurance sector following consultation and a trial run of the BSCR Model and Economic Balance Sheet. The Authority confirms no substantive policy changes were made from the draft versions circulated for consultation, and the finalised Rules take effect on 1 January 2016.

• Insurance (Public Disclosure) Rules 2015
• Insurance (Eligible Capital) Amendment Rules 2015
• Insurance (Group Supervision) Amendment Rules 2015
• Insurance (Prudential Standards) (Insurance Group Solvency Requirement) Amendment Rules 2015
• Insurance (Prudential Standards) (Class 4 and 3B Solvency Requirement) Amendment Rules 2015
• Insurance (Prudential Standards) (Class 3A Solvency Requirement) Rules 2015
• Insurance (Prudential Standards) (Class C, D and E Solvency Requirement) Amendment Rules 2015

The notice is primarily informational, alerting affected insurers and groups that the posted versions of these Rules are final unless the Authority later identifies substantive issues requiring revision.

Key obligations

• Affected insurers and insurance groups must comply with the finalised Prudential Rules (covering public disclosure, eligible capital, group supervision, and solvency requirements for Class 3A, 3B, 4, C, D and E insurers) from their effective date of 1 January 2016.

Applies to

Class 3A insurers, Class 3B insurers, Class 4 insurers, Class C insurers, Class D insurers, Class E insurers, insurance groups

Deadlines

• 1st January 2016: Effective date on which the finalised Prudential Rules amendments come into force