The Revised Code is effective as of 31 August 2022, but provides for a period of time for insurers to ensure they are fully compliant (see below for more detail). The Revised Code follows extensive consultation with industry stakeholders and the changes are aimed to further develop a conduct of business framework by applying appropriate customer protection measures to address emerging prudential issues and ensure Bermuda’s regulatory framework remains aligned with international standards.

The key areas of change in the Revised Code include governance, outsourcing, business continuity, and disaster recovery and risk management.

The BMA will allow the following transition periods from today’s issue date to become compliant with the new provisions of the Code for insurers registered under Section 4 of the Insurance Act 1978:

a) A period of six months to become compliant with the new provisions of the Revised Code’s section 8; and

b) A period of 12 months to become compliant with the new provisions/amendments of all the other sections of the Revised Code (i.e., excludes the provisions of section 8 as outlined in ‘a’ above).

Section 8 of the Revised Code relates to the conduct of business, including integrity, conflicts of interest, and a number of additional sections that apply to insurers writing domestic retail business.

When reviewing the Revised Code, insurers should take note that, among the many changes, Section 4.1 – The Board – has been amended to make reference to and distinguish independent non-executive directors from non-executive and executive directors. Insurers should consider carefully consider the right mix of these classifications of directors through the proportionality principle.

Please contact a member of the team below if you have any questions regarding the impact of the revised Insurance Code of Conduct on your business.

Key contacts

Brad Adderley

Managing Partner: Bermuda

T +1 441 298 3243
E Email Brad

Alan Bossin

Partner, Chief Operating Officer: Bermuda

T +1 441 298 3536
E Email Alan

Matthew Carr

Partner: Bermuda

T +1 441 298-3594
E Email Matthew

Share
Twitter LinkedIn Email Save as PDF
More News
5 Jun 2023 | News

Appleby marks World Environment Day with sustainability commitment

Appleby is proud to announce on World Environment Day that it is furthering its sustainability commi...

1 Jun 2023 | News

Appleby supporting LGBTQ+ Pride Month 2023

As a law firm committed to promoting diversity, equity and inclusion, Appleby is proud to support th...

30 May 2023 | News

Hannah Tildesley to Speak at Commercial Bar Association Event

Appleby Bermuda Partner Hannah Tildesley will speak at The Commercial Bar Association (COMBAR) North...

29 May 2023 | News

Appleby Bermuda a Gold Sponsor of INSOL International Seminar

Appleby Bermuda is a Gold sponsor of the INSOL International Bermuda Seminar taking place on 1 June ...

27 Apr 2023 | News

Tammy Richardson-Augustus Speaks at Princeton University Symposium

Appleby Bermuda Partner Tammy Richardson-Augustus spoke at Princeton’s School of Public and Intern...

17 Apr 2023 | News

Appleby Expands Dispute Resolution Practice With Specialist Lawyer in Bermuda

Appleby Bermuda is delighted to welcome a seasoned UK advocate, James Sellick, to its expanding Disp...

31 Mar 2023 | News

Appleby announces Partner and Counsel promotions

Appleby has promoted four lawyers to Partner and eight to Counsel across its Bermuda, British Virgin...

28 Mar 2023 | News

The Bermuda Monetary Authority’s ‘Insurance Sector Operational Cyber Risk Report’ for 2022

Over the last few years, financial service regulators around the world have recognized the critical ...

15 Mar 2023 | News

Bermuda Economic Substance Regulatory Update: Changes to Non-Resident Entity Requirements

There is an exemption from the economic substance requirements for entities that are resident for ta...

8 Mar 2023 | News

Appleby supports International Women's Day 2023

Appleby is proud to support International Women’s Day (IWD) and this year’s campaign theme of #E...