BMA Enhances Its Public Disclosure Regime

On 23 December 2024, the Bermuda Monetary Authority (BMA) released a Consultation Paper - Proposed Enhancements to Public Disclosure Regime: Public Disclosure of Assets and Liabilities for Commercial Long-term Insurers (CP). Commercial long-term insurers comprise insurers registered as Class C, Class D and Class E insurers under Section 4 of the Insurance Act 1978. The proposed disclosure requirements will include both assets and liabilities on the basis that a long-term insurer's investment strategy is developed with consideration of its liability profile. The proposed enhancements are intended to become effective on 31 December 2025.

The BMA considers that public disclosure of assets and liabilities is necessary to respond to the broader global trend and structural shifts in the life and annuity sector, which has seen an increased appetite for illiquid, hard-to-value assets that are non-publicly traded and can be more complex than liquid traded assets. The