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

Summary

These Rules, made by the Bermuda Monetary Authority under section 6A of the Insurance Act 1978, set out annual return filing requirements for registered insurance brokers and insurance agents. They took effect on 1 January 2019 and remain in force.

• Filing deadline: Every insurance broker and every insurance agent must file an annual return with the Authority on or before 30 June each year.
• Accompanying documents: The return must be accompanied by a copy of the broker's or agent's management accounts for the preceding financial year and a copy of its business plan for the next financial year.
• Record keeping: A copy of the filed annual return must be kept at the entity's principal office for five years from the date of filing.
• Production on request: If directed by the Authority, the broker or agent must produce a copy of the annual return to the Authority by the date specified in the direction.
• Content of the return: The return must contain information required by Schedules I to IV (Return, Cyber Risk Management, AML/ATF Questionnaire and Sanctions Questionnaire), published separately on the Authority's website.
• Reduced AML content for non regulated entities: A broker or agent that is not an AML/ATF regulated financial institution only needs to complete the Corporate Governance section of Schedule III (Section I if a company, Section J if a partnership, sole proprietorship or individual).
• Declaration: At the time of filing, the broker or agent must also file a declaration signed by two directors (one of whom may be the chief executive) confirming the return's information is fair and accurate to their knowledge and belief.

The Rules apply to all persons registered as insurance brokers or insurance agents under section 10 of the Insurance Act 1978, and interact with cyber risk, AML/ATF and sanctions reporting obligations set out in the accompanying Schedules.

Key obligations

• File an annual return with the BMA on or before 30 June each year.
• Accompany the annual return with a copy of the entity's management accounts for the preceding financial year and a business plan for the next financial year.
• Retain a copy of the filed annual return at the entity's principal office for five years from the date of filing.
• Produce a copy of the annual return to the Authority by the date specified if directed to do so.
• Include in the return information required by Schedules I, II, III and IV (or the reduced Corporate Governance section of Schedule III if not an AML/ATF regulated financial institution).
• File, at the time of filing the annual return, a declaration signed by two directors (one of whom may be the chief executive) attesting the return is fair and accurate.

Applies to

insurance brokers, insurance agents

Deadlines

• on or before June 30th of each year: Deadline for insurance brokers and insurance agents to file their annual return with the Authority.
• 1 January 2019: Commencement date of these Rules.
• five years beginning with the date on which the return was filed: Period for which a copy of the annual return must be kept at the entity's principal office.

Related documents

• This document is made under Insurance Act 1978