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Following many months of consultation with Bermuda’s insurance industry, the Bermuda Monetary Authority has recently published the Insurance (Group Supervision) Rules 2011 (the “Group Supervision Rules”) along with the Insurance (Prudential Standards) (Insurance Group Solvency Requirement) Rules 2011 (the “Group Solvency Rules”).
The implementation of both the Group Supervision Rules and the Group Solvency Rules will be made in two stages. Rules 23 to 28 of the Group Supervision Rules will come into operation on 16 January, 2012 and the remaining provisions shall come into operation on 1 January, 2013. All of the Group Solvency Rules will come into operation on 16 January, 2012 except for the requirements relating to the calculation of an insurance group’s enhanced capital requirement.
The relevant provisions come into effect on 16 January, 2012 and are summarised in this document.
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Bermuda Monetary Authority’s Group Supervision Rules and Group Solvency Rules