The Bermuda Monetary Authority has launched a public consultation on draft Guidance Notes intended to support the recovery planning requirements for Bermuda commercial insurers. The Guidance Notes are designed to supplement the Insurance (Prudential Standards) (Recovery Plan) Rules 2024 by setting out the Authority’s expectations for the structure and content of a Recovery Plan. The draft Guidance Notes are published for stakeholder review and feedback, with the Authority indicating it plans to issue a final version of the guidance after a 60-day consultation period. Comments are requested by Monday, 7 July 2025.
Bermuda Monetary Authority 2025-04-10
Bermuda Monetary Authority consults on draft guidance for commercial insurers’ recovery planning
The Bermuda Monetary Authority has initiated a public consultation on draft Guidance Notes to aid Bermuda commercial insurers in meeting recovery planning requirements. These notes aim to complement the Insurance (Prudential Standards) (Recovery Plan) Rules 2024 by outlining the expected structure and content of a Recovery Plan.