Insurance (Prudential Standards) (Class C, Class D and Class E Solvency Requirement) Amendment Rules 2025

Summary

These Rules amend the Insurance (Prudential Standards) (Class C, Class D and Class E Solvency Requirement) Rules 2011 by introducing a new requirement for certain insurers to file an asset and liability statement with the Bermuda Monetary Authority, alongside a signed declaration of accuracy from senior management.

• Who must file: Every Class C, Class D and Class E insurer that does not carry on domestic business must submit an asset and liability statement to the Authority on or before the filing date defined in section 17(4) of the Insurance Act 1978.
• Filing format: Class C insurers file in accordance with new Part XXIB of Schedule XIII; Class D and Class E insurers file in accordance with new Schedule XXIB (both published on the BMA website rather than in the Rules themselves).
• Record retention: The insurer must keep a copy of its asset and liability statement at its principal office for five years from its filing date and produce it to the Authority if directed, by the date specified in that direction.
• Declaration requirement: The statement must be signed by the insurer's chief executive officer and by a senior executive responsible for actuarial or investment management, risk management, or internal audit or compliance, declaring that it reflects the insurer's assets and liabilities in all material respects.

The Rules also amend Schedule XIII and insert new Schedule XXIB to set out the detailed content requirements for the asset and liability statement (published separately on the BMA website). The amendments came into operation on 1 January 2026.

Key obligations

• Class C, Class D and Class E insurers not carrying on domestic business must submit an asset and liability statement to the BMA on or before the filing date defined under section 17(4) of the Insurance Act 1978.
• Class C insurers must file the statement in accordance with Part XXIB of Schedule XIII; Class D and Class E insurers must file in accordance with Schedule XXIB.
• Insurers must retain a copy of the asset and liability statement at their principal office for five years beginning with the filing date.
• Insurers must produce the retained statement to the Authority if directed, by the date specified in the Authority's direction.
• The asset and liability statement must be signed by the chief executive officer and a senior executive responsible for actuarial/investment management, risk management, or internal audit/compliance, declaring its accuracy in all material respects.

Applies to

Class C insurers, Class D insurers, Class E insurers

Deadlines

• 1 January 2026: Commencement date of the Amendment Rules
• filing date (as defined in section 17(4) of the Insurance Act 1978): Deadline for submitting the asset and liability statement to the BMA
• five years from the filing date: Period for which the insurer must retain a copy of the asset and liability statement at its principal office

Related documents

• This document is made under Insurance Act 1978
• This document amends Insurance (Prudential Standards) (Class C, Class D and Class E Solvency Requirement) Rules 2011