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ARTICLE · 09 APRIL 2025

Regulatory Clarity: Bermuda's Approach To Long-term Block Reinsurance

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The Bermuda Monetary Authority (BMA) has issued an updated notice regarding the Prior Approval of New Long-Term Block Reinsurance Transactions which expands upon the 2024 guidance...

BermudaInsurance
Brad Adderley
Brad Adderley
Cathryn Minors
Cathryn Minors
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The Bermuda Monetary Authority (BMA) has issued an updated notice regarding the Prior Approval of New Long-Term Block Reinsurance Transactions which expands upon the 2024 guidance, detailing the approval process and clarifying how these transactions align with Bermuda's regulatory framework. The notice also provides an update regarding reconciling differences between the ceding company's Total Asset Requirement (TAR) and the Bermuda Economic Balance Sheet (EBS) TAR. This new requirement is applicable to commercial life (re)insurers (Classes C, D and E) and is aimed at: (i) enhancing transparency by understanding the volume and nature of block transactions in Bermuda, (ii) improving oversight by making sure the relevant insurers have the appropriate control functions and governance over these transactions, (iii) allowing collaboration by promoting cross-border regulatory collaboration on specific block transactions (iv) reinforcing compliance by ensuring block

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