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The Bermuda Monetary Authority is extending the transition period for insurers to ensure their companies are fully compliant with the Insurance Code of Conduct. The revised deadline for compliance is July 1st 2011.
Subsequent to that date, the Authority will include evaluation of insurers’ compliance with the Code as part of its regular prudential supervision and on-site reviews of insurance companies.
This extension is in recognition of the complexities involved for firms making the necessary operational adjustments to meet the enhanced requirements of the Code. It also provides a further opportunity to ensure insurers fully understand how those requirements will be applied in a proportionate manner across the industry; the Authority will issue further guidance to the market in that regard in March 2011.
This announcement was originally published by the Bermuda Monetary Authority