Reinsurance News

Bermuda extends filing deadline for insurers, waives need for physical board meetings

18th March 2020 - Author: Matt Sheehan

In light of the disruption caused by the coronavirus outbreak, the Bermuda Monetary Authority (BMA) has granted a one-month filing extension for re/insurers, and has waived the need for physical board meetings to take place.

Bermuda reinsuranceThe Bermudian regulator has had a Business Continuity Plan in place since February 6th in order to maintain its services while limiting exposure to COVID-19.

Now, with disruptions to travel and work ramping up around the world, the BMA has decided to ease its rules in some areas to allow companies more operational flexibility.

In recognition of the disruption, the BMA has announced that all Bermuda insurance groups, all insurers, intermediaries and insurance managers can avail themselves of a one-month extension from their respective annual statutory filing date.

Additionally, the Authority acknowledged that, in a number of cases, firms will be unable to hold physical board of directors meetings in Bermuda.

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As such, this requirement will not be enforcing during the first half of 2020, although the BMA urged insurers to hold meetings via audio or video conferencing during this period.

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