September 2022 - Compliance and Regulatory Updates
|
BMA - Financial Sanctions Updates |
BMA Financial Sanctions Update Financial sanctions updates have been published by the BMA for Russia, The Democratic People’s Republic of Korea, Libya and Iraq. |
|
BMA – Regulatory Update (Q2 2022) |
Regulatory Updates - BMAGFIN, RegTech and SupTech Virtual Showcase The BMA participated in a three-part virtual showcase series with the Global Financial Innovation Network (GFIN), Regulatory Technology (RegTech) and Supervisory Technology (SupTech) 2022 Virtual Showcase on regulatory reporting, the RegTech ecosystem and SupTech in Q2 2022. This series highlighted works conducted by the BMA’s regulatory counterparts worldwide, with an invitation to contribute to those projects that serve the BMA’s priority areas. International Association of Insurance Supervisors (IAIS) BMA representatives attended the IAIS Global Seminar in Q2 2022, which addressed key issues concerning the resilience of the insurance sector as the industry moves forward from Covid-19 and the challenging global economic outlook. A panel on climate risk assessment discussed the urgency of addressing risks due to climate change, particularly after the United Nations’ ‘red alert’ release. Additionally, cyber risk was a major area of focus, where panelists discussed increasing cyber underwriting and maturity of models, silent coverage and the challenges of talent shortages. Key IAIS reforms were also discussed, such as the Holistic Framework, which aims to address and mitigate risks to the global insurance sector from a sector-wide and entity-focused outlook. In addition, the IAIS Executive Committee (ExCo) described the progress of the Insurance Capital Standard (ICS) as it moves from concept to implementation. |
|
Deadlines for Q4 2022 |
For Bermuda only: December 31, 2022: Statement of Compliance (BMA) December 31, 2022: Economic Substance Declarations (6 months after year end for the relevant entities) |
