Transcription of BERMUDA MONETARY AUTHORITY
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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.
Outsourcing 14. The Code has also been amended to further enhance the requirements for outsourcing to ensure due diligence and risk evaluation process is undertaken prior to entering into an outsourcing arrangement. The Authority also proposes a contingency plan should the service provider be unable to provide the outsourced activity for any ...
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