Bermuda regulator extends filing deadline for re/insurers amid coronavirus crisis

The Bermuda Monetary Authority (BMA) has granted a one-month filing extension for all re/insurers in the wake of the coronavirus (COVID-19) outbreak.

The authority said that it "realises that this pandemic is causing significant operational disruptions", which will likely affect insurance companies’ ability to meet some statutory filing requirements.

As part of its business continuity plan, the Bermuda regulator has also waived the fee for a one-month filing extension.

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.

Commercial insurers and collateralised insurers, as well as insurance intermediaries and insurance managers, can activate the extension by sending a notification via email. Limited purpose insurers that need the extension are asked to submit a request in the ESFR system.

The BMA also said that 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.