Insurance (Prudential Standards) (Class 4 and Class 3B Solvency Requirement) Amendment Rules 2022 (BR 39 / 2022)

Summary

These amendment rules revise the solvency requirement framework for Class 4 and Class 3B insurers under Bermuda's Insurance Act 1978. They replace the existing Schedule VI of the 2008 Prudential Standards Rules, changing how eligible fixed income and other assets are scheduled for solvency calculation purposes.

• Schedule VI replaced: The Schedule VI previously titled 'Schedule of fixed income securities' is revoked and replaced with a new Schedule VI titled 'Schedule of assets'.
• Publication: The new Schedule VI is published on the BMA website (www.bma.bm) as required by section 6A(8) of the Insurance Act 1978.
• Retroactive commencement: The Rules are deemed to have come into operation on 1 January 2022, despite being made on 5 April 2022.

This is a targeted technical amendment affecting how Class 4 and Class 3B insurers classify and report assets for solvency purposes; it does not otherwise alter the broader solvency framework.

Key obligations

• Class 4 and Class 3B insurers must apply the new Schedule VI 'Schedule of assets' when calculating solvency requirements in place of the former 'Schedule of fixed income securities'.

Applies to

Class 4 insurers, Class 3B insurers

Deadlines

• 1 January 2022: Deemed commencement date of the amendment rules, applying retroactively from this date

Related documents

• This document is made under Insurance Act 1978
• This document amends Insurance (Prudential Standards) (Class 4 and Class 3B Solvency Requirement) Rules 2008 (BR 83/2008)