Insurance (Group Supervision) Amendment (No. 2) Rules 2015

Summary

This instrument amends the Bermuda Monetary Authority's Insurance (Group Supervision) Rules 2011 by inserting a new paragraph (7A) into rule 30. It restricts the Authority's discretion to exempt designated insurers from part of their group financial condition reporting obligations.

• What changes: Rule 30 of the principal Rules is amended so that when the Authority considers an exemption application under rule 30(7)(a) or (b), it shall not grant an exemption from the requirement to provide capital management particulars (paragraph (e) of Schedule 3) in the financial condition report of an insurance group.
• Effect: Designated insurers can no longer be excused from disclosing capital management information as part of their group financial condition report, even where other elements of the report might otherwise qualify for exemption under rule 30(7).

The document itself does not specify a commencement date (the 'Made this day of 2015' line and BR number are left blank in the source text), so readers should check the citation source for confirmation of the effective date.

Key obligations

• Designated insurers seeking an exemption under rule 30(7)(a) or (b) of the Insurance (Group Supervision) Rules 2011 cannot be exempted from providing capital management particulars (paragraph (e) of Schedule 3) in the insurance group's financial condition report; this information must continue to be included.

Applies to

designated insurers, insurance groups

Related documents

• This document is made under Insurance Act 1978
• This document amends Insurance (Group Supervision) Rules 2011