BMA offers one month filing extension to all insurers

The Bermuda Monetary Authority (BMA) has waived the fee for a one-month filing extension for all insurers that are required to register with the regulator. 

The extension applies for class 1, class 2, class 3, class 3A, class 3B, class A, class B, class C, class D and class E insurers, as well as special purpose insurers and collateralised insurers. 

All insurers, intermediaries and insurance managers can avail themselves of this one-month extension from their respective annual statutory filing date. Commercial insurers and collateralised Insurers can activate the extension by emailing a notification to riskanalytics@bma.bm. 

Limited purpose insurers that need the extension should submit a one-month extension request in the ESFR system, while insurance intermediaries and managers should email insuranceintermediaries@bma.bm and insurancemanagers@bma.bm, respectively. 

“The Authority realises that this pandemic is causing significant operational disruptions, which will likely affect insurance companies’ ability to meet some statutory filing requirements,” the BMA said. 

The BMA also said it recognised the challenges around holding physical board meetings in Bermuda, given travel restrictions, and has waived the requirement for such meetings for the first half of 2020. But it asked for such meetings to be rearranged as audio or video conferences. 

Like many reinsurers and other Bermuda-based businesses, the BMA has implemented its own protective measures, including offering remote working options and virtual conferencing alternatives for all non-critical external meetings.