The Bermuda Monetary Authority (BMA) has recently issued a Consultation Paper on proposed changes to the Bermuda Solvency Capital Requirement Model and Schedules.
The Consultation Paper on Amendments to Prudential Rules proposes changes to enhance the reporting by commercial insurers and reinsurers of certain non-traditional asset classes. The changes will introduce new asset classes with various sub-classes, such as loans and alternative investments including hedge funds and private equity, with the aim of providing more granular information to further differentiate the risks presented and to better assess the direct exposure to non-traditional assets, sector exposure and risk concentration.
The Consultation Paper has been posted on the BMA’s website. Stakeholders and other interested persons are invited to comment on the proposals no later than 30 April 2021.