Insurers to report on war exposure
The Bermuda Monetary Authority is seeking special reporting from the island’s insurance groups on underwriting and balance sheet exposures to the Russia-Ukraine war for the period to the end of March.
Respondents are asked to complete reporting forms by the end of May.
A policy reminder notes that compliance with the Insurance Act includes compliance with international sanctions in force here in Bermuda, and the “Authority is requesting that all Bermuda insurance groups and Class 3A, 3B, 4, C, D and E insurers participate in the (following) data call entitled ‘Exposure to International Sanctions’ found on the Authority’s website.”
Meanwhile, a compliance notice regarding international sanctions and subsequent events disclosure for limited purpose insurers, intermediaries, collateralised insurers and Class IIGB Insurers notifies that they must take the necessary steps to manage the risks and uncertainties arising from the continuing conflict between the Russian Federation and Ukraine.
Customary company board filings now include an attestations involving International Sanctions Regulations 2013, including additional sanctions against Russia and Belarus that have been imposed in response to recent events.
Details have to be reported related to exposure to international sanctions on the “Schedule of Compliance with Suspicious Activity Reports and Sanctions” enclosed with the annual filing.
For limited purpose insurers, it includes a schedule amendment requesting confirmation of the insurer’s adherence specifically in relation to the events involving the Russian Federation and Ukraine.