Stakeholder Letter - Prudential Standard Amendments 2016 (2016-10-24)

Summary

This is a short stakeholder letter from the Bermuda Monetary Authority (BMA) following up on proposed amendments to the Insurance Prudential Standards Rules, Insurance (Eligible Capital Rules) and Insurance (Group Supervision) Rules that were published for consultation on 15 May 2016. It summarises stakeholder feedback and confirms that revised reporting requirements have been finalised and posted online.

• Background: The May 2016 proposals aimed to enhance AML reporting requirements for Long Term direct insurers and to align reporting for eligible capital, ceded reinsurance particulars, cash and cash equivalent counterparty analysis, schedule of currency risk, and schedule of concentration.
• Feedback received: The only comments received concerned AML reporting requirements, specifically a request that AML reporting for Long Term direct insurers be made consistent with that applicable to captives (Class A and B insurers).
• Outcome: The Authority has revised the reporting requirements accordingly; the updated version is available in the Legislation/Insurance section of the BMA website.

The letter is informational in nature, notifying stakeholders that the revised reporting requirements are now published rather than imposing new obligations directly through the letter itself.

Applies to

Long-Term direct insurers, Class A insurers (captives), Class B insurers (captives)