Insurance (Prudential Standards Insurance) (Brokers and Agents Annual Return) Rules 2018 - Schedules

Summary

This document sets out Schedule I to the Insurance (Prudential Standards Insurance) (Brokers and Agents Annual Return) Rules 2018, prescribing the detailed content that licensed insurance brokers and agents must include in their annual return to the BMA. It is a data and disclosure schedule rather than a standalone obligation-creating rule, elaborating on what the underlying Rules require to be filed.

• General information: Directors, organisational structure, staff, outsourcing arrangements, professional indemnity/D&O/E&O insurance details, and confirmation of compliance with minimum licensing criteria.
• Agent-specific data: Names, registration numbers, insurance classes and affiliate status of all insurers managed or serviced (Section B, agents only).
• Cyber risk management: Board oversight of cyber strategy, adoption of cyber security standards, vulnerability/penetration testing, incident response plans, cyber insurance, and cyber security budget allocation.
• AML/ATF questionnaire: Client risk rating, products/services to insurers, delivery channels, geographic exposure of beneficial owners, GoAML registration, SAR filing history, staff training, and AML/ATF controls and reviews.
• Corporate governance: Confirmations on board/senior management roles, oversight of internal controls, employee integrity vetting, employee AML/ATF knowledge and compliance, and (for non-corporate brokers/agents) equivalent governance confirmations.
• Sanctions questionnaire: Screening of insurers, beneficiaries and employees against the Bermuda sanctions regime, and reporting of any frozen assets in the last 12 months.

Because this text is the schedule of required content rather than the operative rule provisions, it does not itself state filing deadlines, penalties, or commencement dates; those are set out in the main body of the 2018 Rules.

Key obligations

• Insurance brokers and agents must complete an annual return containing all information specified in Schedule I, including director and organisational structure details, outsourcing arrangements, and relevant insurance policy details.
• Brokers and agents must confirm whether they have met all minimum criteria for registration under the Act, and if not, describe the non-compliance and any remedial action taken.
• Insurance agents must additionally disclose the names, registration numbers, insurance classes and affiliate status of all insurers they manage or service.
• Brokers and agents must answer detailed cyber risk management questions covering board oversight, cyber security standards, testing, incident response, and budget allocation.
• Brokers and agents must complete an AML/ATF questionnaire covering client risk rating, services to insurers, delivery channels, geographic risk exposure, GoAML registration, SAR history, staff training and AML/ATF controls.
• Corporate brokers/agents must provide governance confirmations regarding board and senior management oversight, employee integrity procedures, employee AML/ATF knowledge and compliance.
• Brokers and agents must complete a sanctions questionnaire confirming screening of insurers, beneficiaries and employees, and disclose any frozen assets under the Bermuda sanctions regime in the last 12 months.

Applies to

insurance brokers, insurance agents