The Bermuda Monetary Authority (BMA) has extended the deadline for insurers' compliance with the Insurance Code of Conduct to allow the concerned parties the required time to implement the necessary enhanced frameworks.
The revised deadline for compliance is now July 1, 2011.
Subsequent to that date, the Authority will include evaluation of insurers' compliance with the Code as part of its regular prudential supervision and on-site reviews of insurance companies.
The BMA said that it had permitted the extension “in recognition of the complexities involved for firms making operational adjustments to meet the enhanced requirements of the Code.”
“It will also provide a further opportunity to ensure insurers fully understand how those requirements will be applied in a proportionate manner across the industry,” the BMA said.
The BMA has confirmed that it is to issue further guidance to the market in this regard by March 31, 2011.
.Tags: tax | law | offshore | business | financial services | insurance | legislation | tax havens | international financial centres (IFC) | Bermuda | compliance | regulation | services | Bermuda
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