The Bermuda Monetary Authority has extended the public consultation deadline for guidance notes for Recovery Planning Requirements for Bermuda Commercial Insurers.

The BMA changed the deadline to September 30 after receiving multiple requests for more time.

A BMA statement said it demonstrated a commitment to fostering inclusive and meaningful engagement with all stakeholders.

The draft guidance notes further enhance the preliminary guidelines released by the BMA in 2024.

The primary goal of these guidance notes is to provide additional guidance on the standards set out in recovery planning rules under the Insurance Rules 2024.

However, they do not introduce any new or additional requirements. Therefore, the extension of the consultation period will not affect the date that the rules take effect, or the submission date by which insurers are required to submit their plans to the BMA.

• For further information, e-mail the secretariat at FSRD@bma.bm