Notice - Three Day Catbond Special Purpose Insurers (2021-08-20)

Summary

This BMA notice announces a streamlined three business day registration process for Restricted Special Purpose Insurers (R-SPI) whose business model is issuing catastrophe bonds or mortgage bonds. Effective 13 August 2021, the Authority consolidates licensing and registration into a single process that can be initiated on any business day.

• Timing: The approval timeline starts at 5pm each business day; applications received after 5pm begin processing at 5pm the following business day.
• Submission channel: Applications are accepted only electronically at CatbondSPI@bma.bm.
• Fees: Registration fees are due upon application and are non-refundable unless the application is withdrawn within 24 hours of submission.
• Checklist: All applicants must complete the application checklist; incomplete or inaccurate applications cause a pause in processing until corrected.
• Supporting documents: In addition to the checklist, all other usual supporting documents must be submitted.

The application checklist and process details are available on the BMA website. Queries can be directed to riskanalytics@bma.bm.

Key obligations

• Applicants for R-SPI registration to issue catastrophe or mortgage bonds must submit applications electronically to CatbondSPI@bma.bm
• Applicants must pay registration fees upon application, which are non-refundable unless withdrawn within 24 hours of submission
• Applicants must complete the application checklist and submit all usual supporting documents to avoid delays in processing

Applies to

Restricted Special Purpose Insurers (R-SPI), Insurance-Linked Securities (ILS) market participants

Deadlines

• 13 August 2021: Effective date of the enhanced three business day registration process for R-SPIs issuing bonds
• prior to 5 pm: Applications must be submitted before 5 pm to begin processing that business day
• within 24 hours of submission: Deadline to withdraw an application to obtain a refund of registration fees