The Bermuda Monetary Authority (BMA) is undertaking a data call to talk with insurers and reinsurers about their duties in regard to economic sanctions being levied on Russia.
The body said it was requesting that all Bermuda insurance groups and Class 3A, 3B, 4, C, D, and E insurers participate in the data call entitled ‘Exposure to International Sanctions’.
Registrants are to disclose their exposure to the ongoing events between the Russian Federation and Ukraine and provide details on the impact these events have had on their assets and underwriting as of 31 March 2022. This information must be submitted by 31 May 2022.
In a written notice regarding the data call, the BMA said: “Bermuda entities are required to conduct business in a prudent manner, and this includes taking the necessary steps to manage the risks and uncertainties arising from the ongoing events between the Russian Federation and Ukraine.”
It added: “The minimum criteria for registration, discussed in the Schedule within the Insurance Act 1978 states that conducting business in a prudent manner means the entity is in compliance with all laws applicable to it, including international sanctions in force here in Bermuda. The registrant’s board of directors should ensure that there are processes and internal controls in place to manage the compliance risk. Registrants are required to confirm, as part of their annual filings, that they have complied with requirements of the minimum criteria for registration in accordance with the Act.”