Notice - UPDATE - Insurance Licensing Advisory Committee (2017-05-29)

Summary

This notice from the Bermuda Monetary Authority updates the operating procedures of the Insurance Licensing Advisory Committee (ILAC), which reviews applications for insurance registration under the Insurance Act 1978. It confirms ILAC's continued role, sets out its weekly review schedule, and flags an upcoming revised Information Bulletin.

• Review cycle: ILAC meets every Friday to review applications received by 5 p.m. on the preceding Monday of the same week.
• Notification: Applicants are notified of results by close of business on the Friday the application is reviewed, followed by a confirmation letter.
• Decision authority: ILAC is advisory only; final licensing decisions are made by the Chief Executive Officer or an executive-level designate.
• Forthcoming guidance: A revised Information Bulletin will be circulated by the Authority before Q4 2017, detailing enhancements to the licensing regime and realigned expectations.

The notice is primarily informational, confirming continuity of the licensing review process rather than imposing new substantive requirements on insurers beyond the existing application timeline.

Key obligations

• Applicants seeking insurance registration should submit applications by 5 p.m. on Monday to be considered at that week's Friday ILAC meeting.

Applies to

applicants for insurance registration under the Insurance Act 1978, insurers seeking licensing

Deadlines

• 5 p.m. on Monday of the same week: Deadline for applications to be received in order to be reviewed at that week's Friday ILAC meeting
• prior to Q4 2017: The Authority will circulate a revised Information Bulletin on licensing regime enhancements