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BERMUDA MONETARY AUTHORITY

1 BERMUDA MONETARY AUTHORITY CONSULTATION PAPER REVISIONS TO THE INSURANCE CODE OF CONDUCT December 2021 2 TABLE OF CONTENTS I. Introduction .. 3 II. Proposals .. 3 Brief Description of Proposed Changes .. 3 III. Conclusion .. 5 APPENDICES: 1 Proposed Amendments to the Insurance Code of Conduct (Redline Version) 3 I. INTRODUCTION 1. The BERMUDA MONETARY AUTHORITY ( AUTHORITY or BMA) is committed to enhancing its regulatory framework to ensure that it remains effective and aligned with international standards. The AUTHORITY also aims to position the design of its regime to address emerging issues.

5. In assessing the existence of sound and prudent business conduct, the Authority will have regard forboth its prudential objectives and the appropriateness of the Code’s provisions of the Code in relation to their application to a particular insurer, taking into account the Authority’s prudential objective underpinning the provision

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BERMUDA MONETARY AUTHORITY

www.bma.bm

(Code), replaces the Investment Business Act 2003 General Business Conduct and Practice Code of Conduct and the Advertising Code of Conduct, both of which were issued in June 2010. 2. The Code is issued pursuant to section 10 of the Investment Business Act 2003 (Act). Section 10 provides that the Bermuda Monetary Authority (Authority or BMA ...

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Solvency II Equivalence FAQs 03 The Authority’s focus for gaining equivalency has been on Bermuda’s commercial insurers due to the Europe by these classes and the

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Sanctions List Ref): RUS0239 (UK Statement of Reasons):PJSC United Aircraft Corporation (UAC) is a Russian state owned enterprise. It contains all of Russia's major aircraft manufacturing companies and is a major supplier of aircraft to the Russian military. This includes military aircraft that have been used in Crimea.

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