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In February 2023 the Bermuda Monetary Authority (BMA) published a consultation paper outlining proposed enhancements to their regulatory regime and fees for commercial insurers.
This consultation paper aims to ensure ongoing adequacy of the regulatory regime for commercial insurers, to improve upon the detection of new risks and to enhance the level of accountability, governance, disclosures and transparency.
Targeted improvements focus on
Some of these proposed amendments require significant work to ensure implementation readiness and ongoing compliance. These changes are expected to have far reaching impacts on not only the financial results but also on multiple areas of insurers’ business-as-usual processes and governance. A consequential increase in operational efforts and overall governance and oversight processes is expected.
Authors
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Andrew Howie Andrew is Head of Advisory for Grant Thornton in Bermuda having moved to the island in 2022. He is leading a team of specialists who are providing a broad range of advisory services to clients in the region.View Profile -
Tanya Beattie Tanya joined the firm as a Director in early 2022 and leads the Actuarial team in Grant Thornton Bermuda. Tanya is a qualified actuary with significant expertise across the Insurance industry in areas such as Regulation, Risk Management, Solvency II, Actuarial Function, Pricing Governance and Capital Modelling.View Profile