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ARTICLE · 10 FEBRUARY 2025

Exploring Bermuda's Insurance Group Supervision Framework

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The Bermuda Monetary Authority ("BMA") published its consultation paper – "Proposed Enhancements to the Insurance Group Supervision Framework" on 4 December 2024 (the "Consultation Paper").

BermudaInsurance
Sarah Demerling
Sarah Demerling
Leonie Tear
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Aleisha Hollis
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Key takeaways

  • The Bermuda Monetary Authority has released a consultation paper introducing mandatory group supervision by the Authority where an insurance group's ultimate parent company is in Bermuda.
  • The proposals include the introduction of "designated insurance holding company" to replace the current roles and responsibilities attributed to the "designated insurer."
  • A minimum set of powers will be granted to the Authority over designated insurance holding companies.

What are the proposed enhancements to the Insurance Group Supervision Framework in Bermuda?

The Bermuda Monetary Authority ("BMA") published its consultation paper – "Proposed Enhancements to the Insurance Group Supervision Framework" on 4 December 2024 (the "Consultation Paper").

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