Insurance (Prudential Standards) (Insurance Managers Annual Return Amendment) Rules 2018

Summary

These Rules, made by the Bermuda Monetary Authority under the Insurance Act 1978, set out the annual return that insurance managers must file with the Authority, including the deadline, accompanying documents, and the detailed matters that must be disclosed across four schedules.

• Filing deadline: Insurance managers must file an annual return with the BMA on or before 30 June of each year.
• Contents: The return must cover matters set out in Schedules I to IV, reflecting how those matters stood at the time of filing.
• Accompanying documents: The return must be accompanied by the insurance manager's management accounts for the financial year and its business plan for the next financial year.
• Record keeping: A copy of the filed annual return must be kept at the insurance manager's principal office for five years and produced to the Authority on request by a specified date.
• Declaration: At the time of filing, a declaration signed by two directors (one of whom may be the chief executive) confirming the return is fair and accurate to the best of their knowledge must also be filed.
• Schedule I: Requires disclosure of director and staff details, organisational structure, outsourced services, managed insurers, any known breaches or non-compliance by those insurers, professional indemnity/E&O/D&O insurance details, and confirmation of compliance with minimum criteria for registration.
• Schedule II: A cyber risk management questionnaire covering governance, controls, testing, incident response, cyber insurance and budget allocation.
• Schedule III: An AML/ATF questionnaire covering client risk rating, products/services, delivery channels, geography, suspicious activity reporting, training, controls and corporate governance related to AML/ATF.
• Schedule IV: A sanctions questionnaire covering screening of insurers, beneficiaries and employees, and details of any frozen assets under the Bermuda sanctions regime.

The Rules were made on 17 August 2018 and amend the earlier annual return requirements applicable to insurance managers licensed or registered in Bermuda.

Key obligations

• File an annual return with the BMA on or before 30 June of each year.
• Ensure the annual return contains all matters specified in Schedules I, II, III and IV as they stood at the time of filing.
• Accompany the annual return with management accounts for the financial year and a business plan for the next financial year.
• Retain a copy of the filed annual return at the principal office for five years and produce it to the Authority on request by a date specified in any direction.
• 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's information is fair and accurate.

Applies to

insurance managers

Deadlines

• on or before 30 June of each year: Deadline for insurance managers to file their annual return with the BMA.
• five years from date of filing: Period for which the insurance manager must retain a copy of the annual return at its principal office.

Related documents

• This document is made under Insurance Act 1978