The BMA recently issued a new annual return template and new supplementary rules for Insurance Managers, Brokers and Agents.
The Bermuda Monetary Authority (BMA) recently issued a new annual return template and new supplementary rules for Insurance Managers, Brokers and Agents. The first filing of the revised template is due on or before June 30, 2019. Brokers and Agents were brought into scope with the release of a BMA consultation paper on the Insurance Brokers and Insurance Agents Code of Conduct, including amendments to the Insurance Act. Comments on the consultation paper were due by September 7 and we expect it to be finalized over the fourth quarter.
Insurance Managers, Brokers and Agents will now be required to complete a comprehensive annual return filing including additional schedules compared to what was required previously. The new schedules include completion of questionnaires on the Company’s Cyber Risk Management Framework, Anti-Money Laundering and Anti-Terrorist Financing Risks and Control Framework, and Corporate Governance and Sanctions and Screening policy. The BMA will expect that additional information is provided or is readily available by each Insurance Manager, Broker and Agent.
Questions and the level of detail required to be submitted in the annual return filing:
KPMG can assist Insurance Managers, Brokers and Agents through an Annual Return Readiness Assessment in order for your organisation to meet these requirements in your annual return filing submission in 2019. Please contact us for more information or to set up an appointment.
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