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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. 2. The Insurance Code of Conduct (Code) is being amended considering the international standards set out by the International Association of Insurance Supervisors. 3. This consultation paper puts forward proposed amendments to the Code, while Appendix I contains a redlined version of the amended Code.

Business Continuity and Disaster Recovery Plan 13. The Authority highlights the requirement to have a business continuity and disaster recovery plan that addresses all of its key business processes and critical business functions. The effectiveness of the plan should be tested regularly. Outsourcing 14.

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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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A BILL entitled MONEY SERVICE BUSINESS ACT 2016

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viii Draft No. 4 DRW 12/1/15 DRAFT A BILL entitled MONEY SERVICE BUSINESS ACT 2016 TABLE OF CONTENTS 1 Citation 2 Interpretation PART 1 PRELIMINARY

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Solvency II Equivalence FAQs - Bermuda Monetary …

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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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Russia - bma.bm

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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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