The Bermuda Monetary Authority has opened a public consultation on draft Guidance Notes intended to support the recovery planning requirements for Bermuda commercial insurers. The draft sets out the Authority’s expectations for the structure and content of insurers’ recovery plans. The Guidance Notes are designed to provide additional practical guidance on the standards established by the Insurance (Prudential Standards) (Recovery Plan) Rules 2024, following the publication of those rules. The BMA intends to issue a final version of the Guidance Notes after the consultation. The consultation runs for 90 days, with comments due by 11 July 2025.
Bermuda Monetary Authority 2025-04-11
Bermuda Monetary Authority launches consultation on guidance notes 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The Bermuda Monetary Authority has initiated a public consultation on draft Guidance Notes to aid Bermuda commercial insurers in meeting recovery planning requirements.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 offer practical guidance on the standards set by the Insurance (Prudential Standards) (Recovery Plan) Rules 2024. A final version will be issued post-consultation.