BMA extends data call deadline
The Bermuda Monetary Authority has extended the deadline for insurers to respond to a data call by the organisation.
The original deadline of May 31 has been extended to June 30.
The BMA has also revised the scope of its call for information from insurance groups and class 4, 3B, 3A, C, D and E insurers.
In a statement, the organisation said: “The Bermuda Monetary Authority appreciates Bermuda registrants’ participation and responsiveness regarding the ongoing events between the Russian Federation and Ukraine.
“In response to recent industry feedback on the Notice for Compliance of International Sanctions – Insurance Groups and Commercial Insurers sent on 18 April 2022, the Authority would like to clarify that the scope of the data call is for Bermuda registrants to provide details of all known risk exposures domiciled in the Russian Federation, Ukraine and Belarus estimated on a GAAP or IFRS basis.
“Upon closer review, questions five to six requesting details of other internationally-sanctioned jurisdictions are not relevant for this exercise; therefore, the Authority has omitted these sections.
“Registrants can use the revised template for submission; the template can be found on the Authority’s website at: https://www.bma.bm/document-centre/reporting-forms-and-guidelines-insurance.
“Further, the Authority recognises that this development is ongoing, and the details provided are on a best-efforts basis.”
If registrants have any queries on this or any other regulatory matter, they are advised to contact RiskAnalytics@bma.bm.