The Bermuda Monetary Authority has extended the public consultation deadline for its draft Guidance Notes on Recovery Planning Requirements for Bermuda commercial insurers to 30 September 2025, following stakeholder requests for more time. The draft Guidance Notes are intended to provide additional guidance on the standards set out in recovery planning rules under the Insurance (Prudential Standards) (Recovery Plan) Rules 2024 and build on preliminary guidelines issued in 2024. The Authority stated that the draft Guidance Notes do not introduce new or additional requirements, and that extending the consultation will not affect either the effective date of the Rules or the deadline for insurers to submit recovery plans.
Bermuda Monetary Authority 2025-04-24
Bermuda Monetary Authority extends consultation on recovery planning guidance for commercial insurers to 30 September 2025
The Bermuda Monetary Authority has extended the consultation deadline for its draft Guidance Notes on Recovery Planning Requirements for Bermuda commercial insurers to 30 September 2025. The draft notes clarify existing standards under the Insurance (Prudential Standards) (Recovery Plan) Rules 2024 without introducing new requirements. The extension will not impact the effective date of the Rules or the submission deadline for recovery plans.