The Bermuda Monetary Authority has published a consultation paper proposing amendments to the Insurance Code of Conduct, the Insurance Group Supervision Rules 2011, and the Insurance Group Solvency Requirement Rules 2011. The package would clarify insurer expectations for applying the Prudent Person Principle, strengthen the insurance group supervision framework, and update the Insurance Code of Conduct to reflect the expansion of the Conduct of Business framework to all insurers that write retail business directly to individuals, whether those individuals are in Bermuda or overseas. The Prudent Person Principle proposals and the group supervision enhancements were previously consulted on in December 2024, and the Authority states that this paper is intended to conclude that consultation process. Comments on the proposals are due by 27 July 2026.
Bermuda Monetary Authority2026-06-09
Bermuda Monetary Authority consults on prudent person principle group supervision and retail conduct changes for insurers
The Bermuda Monetary Authority has issued a consultation paper proposing amendments to the Insurance Code of Conduct, the Insurance Group Supervision Rules 2011, and the Insurance Group Solvency Requirement Rules 2011. The proposals clarify expectations for application of the Prudent Person Principle, strengthen the insurance group supervision framework, and update the Code to reflect expansion of the Conduct of Business framework to all insurers writing retail business directly to individuals in Bermuda or overseas.