Insurance (Prudential Standards) (Insurance Group Solvency Requirement) Amendment Rules 2022 (BR 37 / 2022)

Summary

These amendment rules revise the group solvency capital framework for Bermuda insurance groups by replacing a schedule used in calculating the Insurance Group Solvency Requirement. The change updates how certain assets are treated for group solvency purposes but does not otherwise alter the underlying 2011 Rules.

• What changes: Schedule VI of the Insurance (Prudential Standards) (Insurance Group Solvency Requirement) Rules 2011, 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) in accordance with section 6A(8) of the Insurance Act 1978.
• Effective date: The Rules are deemed to have come into operation on 1 January 2022, applying retroactively from that date even though made on 5 April 2022.

The document itself contains no new filing obligations; it is a technical amendment updating the asset schedule referenced in group solvency calculations under the existing Insurance Group Solvency Requirement Rules 2011.

Key obligations

• Insurance groups subject to the Insurance Group Solvency Requirement Rules 2011 must apply the new Schedule VI (Schedule of Assets) in place of the former fixed income securities schedule when calculating group solvency capital from 1 January 2022.

Applies to

insurance groups, registered insurers subject to group supervision

Deadlines

• 1 January 2022: Deemed commencement/operative date of the amended Schedule VI, applied retroactively

Related documents

• This document is made under Insurance Act 1978