Insurance (Prudential Standards) (Recovery Plan) Amendment Rules 2024

Summary

These Rules make a small technical amendment to the Bermuda Monetary Authority's Insurance (Prudential Standards) (Recovery Plan) Rules 2024. They insert an additional factor that must be taken into account under Rule 3, which sets out matters relevant to recovery planning.

• Amendment: Rule 3(d) is amended to correct punctuation, and a new paragraph (e) is added requiring consideration of whether the Authority is the group-wide supervisor of the insurance group.
• Effect: This expands the list of factors relevant to the Recovery Plan Rules 2024, which apply to insurers required to prepare recovery plans.
• Commencement: The amendment comes into operation on 1 May 2025.

The document is a brief legislative amendment instrument with no separate explanatory notes; it does not itself restate the full scope of who must prepare recovery plans, which is governed by the underlying 2024 Rules.

Key obligations

• Insurers subject to the Recovery Plan Rules 2024 must, from 1 May 2025, take into account whether the Authority is the group-wide supervisor of the insurance group when addressing the Rule 3 factors in their recovery plans.

Applies to

insurers subject to the Insurance (Prudential Standards) (Recovery Plan) Rules 2024

Deadlines

• 1 May 2025: Commencement date of the amendment to Rule 3 of the Recovery Plan Rules 2024.

Related documents

• This document is made under Insurance Act 1978
• This document amends Insurance (Prudential Standards) (Recovery Plan) Rules 2024