The Bermuda Monetary Authority has proposed rules that would add internationally active insurance group-specific requirements to Bermuda’s existing insurance group supervision framework. The ComFrame-aligned overlay would place clearer responsibilities on the Head of an internationally active insurance group for group-wide governance, risk management, internal controls, reporting and supervisory cooperation. It would apply to the three Bermuda-domiciled internationally active insurance groups currently supervised by the authority and any groups designated in the future. The proposals would require consolidated oversight of group structures, strategies and risks, supported by enhanced enterprise risk management, investment governance and liquidity frameworks. Key measures include annual reviews of risk management and internal controls, independent enterprise risk management reviews at least every three years, stronger oversight of intra-group transactions and exposures, group-wide liquidity stress testing and contingency funding arrangements, and prompt reporting of significant intra-group transactions and material changes. The rules would also formalize expectations for control functions, outsourcing, risk transfer, claims management, crisis coordination and supervisory evidence packs. Comments are due by Sept. 30, 2026, and the authority is targeting publication of the final rules in the fourth quarter of 2026. Insurance Capital Standard reporting and the developing resolution framework are being handled through separate workstreams.

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