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BMA Proposes Internationally Active Insurance Group Concept for Bermuda

April 2021 Sophia Greaves

In December 2020, as part of its review to update Bermuda’s commercial insurance regime, the Bermuda Monetary Authority (BMA) issued a consultation paper proposing the introduction of an Internationally Active Insurance Group (IAIG) concept to meet the principles and standards of the International Association of Insurance Supervisors’ Common Framework (ComFrame).

IAIGs will be subject to additional regulatory requirements and disclosures that will be transposed into Bermuda’s framework in due course. Amendments to the Insurance Act 1978 will be necessary to make provision for insurance groups to comply with specific standards when they meet minimum criteria as an IAIG. These changes are expected to enter into force on 30 June 2021.

The proposed amendments are aimed at insurance groups whose group supervisor is the BMA, not IAIGs designated by other authorities, but who operate in Bermuda.

 

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BMA Proposes Internationally Active Insurance Group Concept for Bermuda

 


Sophia Greaves
Director

Bermuda   +1 441 294 5929


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