Notice - Three Day Catbond Special Purpose Insurers (2021-12-03)

Summary

This is a short administrative notice from the Bermuda Monetary Authority's Insurance Department concerning the Three Day Catbond Special Purpose Insurer (SPI) application approval process. It confirms the process remains open during the 2021 holiday season but flags that certain public holidays will pause the standard three business day turnaround clock.

• Holiday pause: Christmas Day, Boxing Day and New Year's Day will not count toward the three business day turnaround timeline for catbond SPI applications.
• Submission channel: Applications must be submitted by email to CatbondSPI@bma.bm.
• Daily cut-off: Applications must be submitted by 5pm daily; anything received after 5pm begins processing the following day at 5pm.

The notice advises applicants to plan around these holiday observation dates when timing their catbond SPI submissions.

Key obligations

• Applicants seeking Three Day Catbond Special Purpose Insurer approval must submit applications by email to CatbondSPI@bma.bm by 5pm daily to begin same-day processing.
• Applicants must account for the pause in the three business day turnaround caused by Christmas Day, Boxing Day and New Year's Day when planning submission timing.

Applies to

Catbond Special Purpose Insurers, applicants for Three Day Catbond approval

Deadlines

• 5pm daily: Deadline for email submission of Three Day Catbond SPI applications to CatbondSPI@bma.bm; late submissions begin processing the following day at 5pm.
• Christmas Day, Boxing Day and New Year's Day: Holidays during which the three business day turnaround process is paused and does not count toward the timeline.