Insurance (Prudential Standards) (Insurance Marketplace Provider Annual Return) Rules 2019 (BR 155/2019)

Summary

These BMA Rules create an annual return regime specifically for Insurance Marketplace Providers, entities registered under section 10 of the Bermuda Insurance Act 1978. They set out what must be filed each year, the accompanying documents required, record-keeping duties, and a declaration requirement, with detailed content set out in four schedules published separately on the Authority's website.

• Annual filing: Every Insurance Marketplace Provider must file an annual return with the Authority on or before June 30th each year.
• Accompanying documents: The return must be accompanied by management accounts for the preceding financial year and a business plan for the next financial year.
• Record retention: A copy of the annual return must be kept at the provider's principal office for five years from the date it was filed.
• Production on request: If directed by the Authority, the provider must produce a copy of the annual return by the date specified in the direction.
• Declaration: At the time of filing, the provider must also submit a declaration signed by two directors (one of whom may be the chief executive) affirming the return's information is fair and accurate.
• AML/ATF questionnaire scope: Providers that are not AML/ATF regulated financial institutions need only complete the Corporate Governance section of Schedule III (Section I for companies, Section J for partnerships, sole proprietorships or individuals), rather than the full AML/ATF Questionnaire.
• Schedules: The return must cover matters in Schedule I (Return), Schedule II (Cyber Risk Management), Schedule III (AML/ATF Questionnaire) and Schedule IV (Sanctions Questionnaire), as those matters stood on the filing date.

The Rules were made on 1 December 2019 and state a commencement date of 1 January 2020, with the document also noting an operative date of 31 December 2019.

Key obligations

• File an annual return with the BMA on or before June 30th of each year.
• Accompany the annual return with a copy of the preceding financial year's management accounts and the next financial year's business plan.
• Retain a copy of the filed annual return at the provider's principal office for five years from the filing date.
• Produce a copy of the annual return to the Authority by the date specified if directed to do so.
• File a declaration signed by two directors (one of whom may be the chief executive) confirming the return's information is fair and accurate.
• Complete the applicable AML/ATF Questionnaire sections in Schedule III based on entity type and AML/ATF regulated financial institution status.
• Include information on the matters set out in Schedules I to IV as they stood on the date the return is filed.

Applies to

Insurance Marketplace Providers

Deadlines

• on or before June 30th of each year: Deadline for filing the annual return with the Authority.
• five years from the date of filing: Period for which a copy of the annual return must be retained at the provider's principal office.
• 1 January 2020: Commencement date stated for these Rules.
• 31 December 2019: Operative Date noted at the end of the document.

Related documents

• This document is made under Insurance Act 1978