Insurance (Public Disclosure) Amendment Rules 2015

Summary

This instrument amends the Insurance (Public Disclosure) Rules 2015 made by the Bermuda Monetary Authority under section 6A of the Insurance Act 1978. It inserts a new paragraph (7A) into rule 3 of the principal Rules, narrowing the circumstances in which the Authority may grant an insurer an exemption from public disclosure requirements.

• Restriction on exemptions: When considering an exemption request under rule 3(7)(a) or (b), the Authority may not grant an exemption relating to paragraph (e) capital management particulars of an insurer's financial condition report required under Schedule 1.
• Effect: Insurers can still seek exemptions from other financial condition report disclosure items, but capital management disclosure under Schedule 1 cannot be exempted.

The amendment is procedural in nature, altering the scope of the Authority's discretion rather than creating new filing or reporting duties beyond those already in the principal Rules.

Key obligations

• Insurers must continue to disclose capital management particulars (paragraph (e)) in their financial condition report under Schedule 1, as this item cannot be exempted under rule 3(7A).

Applies to

insurers

Related documents

• This document is made under Insurance Act 1978
• This document amends Insurance (Public Disclosure) Rules 2015