# SOURCES.md — Research Log

## 27 September 2026 — topic deep-dives: CISSA/GSSA, OpRes and PCC (2.10.0)

Requirements in the three topic deep-dives and their checklists cite law or BMA instruments with pinpoints. Expectations, dated observations, official commentary and international standards are labelled separately.
- Official PDFs were retained privately with SHA-256 hashes.
- Section numbers come from the body text of each Act.
- Availability checks are point-in-time and do not establish the legal currency of every amended instrument.

| Tier / source | Used for | Limit |
| --- | --- | --- |
| T1 · [Operational Resilience and Outsourcing Code (Sep 2025)](https://cdn.bma.bm/documents/2025-09-15-16-10-28-Operational-Resilience-and-Outsourcing---Code.pdf) | Scope (para 3), lifecycle, board duties, outsourcing, 24-hour notice (para 78), self-assessment, dates (XVI) | The Code's "must" paragraphs are shown as Code requirements. Their statutory weight differs by Act: insurers and banks "comply"; other sectors "have regard to". This is flagged for legal confirmation. |
| T1 · [OpRes Guidance Notes (Sep 2025)](https://cdn.bma.bm/documents/2025-09-15-16-12-12-Operational-Resilience-and-Outsourcing---Guidance-Notes.pdf) | BMA expectations: proportionality, purchased services, agreement terms, scenarios | Shown as expectations; one "must"/"should" difference from the Code is displayed as a conflict |
| T2 · [OpRes stakeholder letter (15 Sep 2025)](https://cdn.bma.bm/documents/2025-09-15-16-07-24-Operational-Resilience-and-Outsourcing----Stakeholder-Letter.pdf) | Consultation-to-final changes: bank date, self-assessment timing, notification channel, 30-day outsourcing notice | The letter and Code para 33 differ on BMA approval of a delegated party (shown as a conflict) |
| T1 · Class 4/3B, 3A and C/D/E Solvency Requirement Rules: current consolidations (rule 6) and BMA copies with Schedules (Schedule IX, CISSA); BR 18/2024 Schedule XIII Part IX (Class C) | Legal basis, report contents, the 15% deviation explanation, model questions | The consolidations omit Schedules. Their amendment notes list no later change to Schedule IX (reasoned, not legally confirmed). The published Class C text omits the item 11 sub-items (not established). |
| T1 · [Insurance Code of Conduct (Aug 2022)](https://cdn.bma.bm/documents/2022-08-31-12-35-41-Insurance-Code-of-Conduct--Revised-August-2022.pdf) | Self-assessment duty (paras 75–76); risk categories; insurer outsourcing expectations | June 2026 proposed amendments shown only as future items |
| T1 · Insurance (Group Supervision) Rules 2011 r.18, r.5(7)(ba); Group Solvency Requirement Rules Schedule IX | GSSA background reading | Group profiles are not supported |
| T2 · [BMA review of solvency self-assessments (Mar 2019)](https://cdn.bma.bm/documents/2019-03-27-07-42-22-Review-of-Bermuda-Insurers-Solvency-Self-Assessment-Report.pdf) | Expectations and observed weaknesses | Based on 2017 year-end filings; shown as dated learning material |
| T1 · 2024 year-end instructions handbooks (long-term; general business); climate-risk Guidance Note (Mar 2023) | Report-in-lieu option (long-term), basis of preparation, climate reporting in the CISSA | 2025 editions not located |
| T2 · [BMA consultation, June 2026](https://cdn.bma.bm/documents/2026-06-11-08-45-03-Consultation-Paper---Proposed-Amendments-to-Code-of-Conduct-Group-Supervision-and-Prudential-Standards-Insurance-Group-Solvency-Requirement-Rules-2011.pdf) | Proposed Prudent Person Principle attestation and GSSA filing | Proposals only; issue of the amended Code not established |
| T1 · [BMA Notice on Police Clearance Certificates (13 Aug 2026)](https://cdn.bma.bm/documents/2026-08-13-14-53-34-Notice---New-Policy-Implementation---Police-Clearance-Certificate-Requirement-for-Key-Persons.pdf); [Proceeds of Crime Act 1997, s.42A(1)](https://www.bermudalaws.bm/Laws/Consolidated%20Law/1997/Proceeds%20of%20Crime%20Act%201997) | Key Person definition, certificate rules, transition; AML/ATF regulated financial institution categories | Updated BMA forms not located; insurance agents are not named in s.42A(1)(d) (not established) |
| T1 · Insurance Act 1978 and the seven sector Acts | Minimum criteria (para 1); controller and officer change notices (IA ss.30J, 30CA; BDCA s.35; IBA s.43; FAPA s.29; TBA s.34; CSPA s.45; MSBA s.48; DABA s.57); control routes; codes-of-practice duties | Pins taken from body text |
| T3 · IAIS ICPs (Dec 2024), FSB third-party toolkit (Dec 2023), BCBS operational resilience principles (Mar 2021), PRA SS1/21 | International comparison only (ICP 16.10, ICP 8.8) | Labelled "International standard"; EU DORA is not cited because its primary text was not opened |

## 25 September 2026 — Scenario-Based Approach topic (2.9.0)

The SBA deep-dive cites the current rules for requirements and labels official commentary and industry views separately. Official PDFs were retained privately with SHA-256 hashes. Point-in-time availability does not establish legal currency.

| Tier / source | Used for | Limit |
| --- | --- | --- |
| T1 · [Class C/D/E Solvency Requirement Amendment Rules 2024 (BR 18/2024), Schedule XXVI](https://cdn.bma.bm/documents/2025-07-10-15-35-38-2024-03-28-13-20-55-Insurance-Prudential-Standards-Class-C-Class-D-Class-E-Solvency-Requirement-Amendment-Rules-2024.pdf) | SBA election and direction, the nine scenarios, eligibility (lapse cost, 105% LCR), approval, asset categories, default costs, technical and governance requirements, liquidity programme | BMA re-uploaded the file in July 2025; the March 2024 original is no longer available for comparison. BR 123/2025 (2026) does not change the SBA. |
| T1 · [Class C/D/E Rules 2011, historical consolidation](https://www.bermudalaws.bm/Laws/Consolidated%20Law/2011/Insurance%20(Prudential%20Standards)%20(Class%20C,%20Class%20D%20and%20Class%20E%20Solvency%20Requirement)%20Rules%202011) | Pre-2024 EBS instructions (SBA elective, conditions directed by the BMA) | Historical text (a 2020 consolidation was inspected) |
| T2 · BMA consultations [24 Feb 2023](https://www.bma.bm/viewPDF/documents/2023-04-12-14-51-37-Consultation-Paper---Proposed-Enhancements-to-the-Regulatory-Regime-and-Fees-for-Commercial-Insurers.pdf) and [28 Jul 2023](https://cdn.bma.bm/documents/2023-07-28-16-11-59-Consultation-Paper---Proposed-Enhancements-to-the-Regulatory-Regime-and-Fees-for-Commercial-Insurers.pdf) | BMA rationale and principles; proposal-to-final changes (default-cost margin 1.5 standard deviations → 1) | Proposal-stage texts. The BMA's Q4 2023 Regulatory Update confirms a 30 November 2023 stakeholder letter on the final changes, but its PDF was not located on the BMA site and was not retrieved |
| T1 · BMA [Guidance Notes (31 Mar 2024)](https://cdn.bma.bm/documents/2024-03-28-14-21-58-Guidance-Note-for-Statutory-Reporting-Regime-.pdf), [2024 Long-Term Instructions Handbook §E5](https://cdn.bma.bm/documents/2024-12-02-12-56-21-2024-Year-end-Long-Term-Instructions-Handbook.pdf), [asset and SBA approval instructions (10 Oct 2024)](https://www.bma.bm/viewPDF/documents/2024-10-14-11-21-24-Asset-and-SBA-related-Approvals11-October-2024-FINAL.pdf), [LLSBA Return instructions](https://cdn.bma.bm/documents/2025-03-19-11-24-30-Lapse-Liquidity-and-Scenario-Based-Approach-Return---2024-Completion-Instructions.pdf) | EBS history; application package and stress tests; asset approval process and fees; return usage | Handbook §E5 is identical in the May and December 2024 editions; the 2025 edition was not located |
| T1 · [2026 BMA fee schedule](https://cdn.bma.bm/documents/2026-03-17-10-11-27-2026-Bermuda-Monetary-Authority-Fees.pdf), items 2(ad)–(af) | SBA approval $120,000–$1,500,000; monitoring $250,000 a year; asset and default-cost approval fees | Rendered pp.12–13 |
| T2 · BMA [block-transaction notice (2 Apr 2025)](https://cdn.bma.bm/documents/2025-04-02-12-05-27-Notice---Insurance---Long-Term---Prior-Approval-of-New-Long-Term-Block-Reinsurance-Transactions.pdf), [asset-intensive reinsurance paper (21 Mar 2025)](https://cdn.bma.bm/documents/2025-03-21-20-47-46-Insights--Reflections-on-Asset-Intensive-Reinsurance-in-Bermuda.pdf), [PPP consultation (4 Dec 2024)](https://cdn.bma.bm/documents/2024-12-11-11-27-51-Consultation-Paper---Proposed-Instructions-and-Guidanceon-the-Application-of-the-Prudent-Person-Principle.pdf) and [stakeholder letter (9 Jun 2026)](https://cdn.bma.bm/documents/2026-06-09-09-46-24-Stakeholder-Letter---Consultation-Paper---Proposed-Instructions-and-Guidance-on-the-Application-of-the-Prudent-Person-Principle.pdf), [Q1 2026 Regulatory Update](https://www.bma.bm/viewPDF/documents/2026-04-30-14-54-18-Q1-2026-Regulatory-Update.pdf) | Asset-intensive reinsurance context; block-transaction approval; the BMA's stated rationale; PPP timing (effective on issuance, compliance by 31 December 2026); 2026 SBA publications | Commentary claiming PPP guidance took effect on 1 July 2025 is **not** supported by the BMA's June 2026 letter |
| T1 · [EU Delegated Decision 2016/309](https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri=CELEX:32016D0309) | Equivalence from 1 January 2016 (excluding captives and SPIs) | Context; no claim that the SBA was a condition |
| T3 · [Skadden (2025)](https://www.skadden.com/insights/publications/2025/03/chapter-2-the-bermuda-prudential-solvency-regime), [Finalyse](https://www.finalyse.com/blog/bmas-ebs-framework-vs-solvency-ii-key-differences-for-life-insurers), [Hymans Robertson (Nov 2023)](https://www.hymans.co.uk/insights/implications-of-the-changes-in-bermuda-s-regulatory-regime), [SOA (Apr 2025)](https://www.soa.org/digital-publishing-platform/emerging-topics/et-2025-04-yuan/), [4most (Sep 2023)](https://4-most.co.uk/insights/reforms-to-bermudas-scenario-based-approach/) | Matching-adjustment comparison; practical modelling capabilities | Industry perspective; two or more independent sources per practice claim |

## 25 September 2026 — background depth programme (2.8.0)

New business-context, route and key-term claims carry claim-level source IDs, pinpoint citations and retrieval dates in `kb.js`. Where official PDFs were retained privately, their SHA-256 hashes were checked against the private manifest. For the main BMA PDFs relied on, fresh downloads on 25 September 2026 were **byte-identical** to the retained copies. Report tables whose extracted text was scrambled were read from rendered page images. Source availability and identity checks are point-in-time; they do not establish the legal currency of every amended instrument.

| Tier / source | Used for | Limit |
| --- | --- | --- |
| T1 · Insurance Act 1978 consolidated: ss.1(1), 4F, 8, 9–12, 17B, 28, 29 | Intermediary definitions, registration and roles; "unrelated business" and C/D/E "total assets" terms | Consolidation generated 22 January 2026; no fresh amendment sweep |
| T1 · [BMA Insurance Manager Code (2016)](https://www.bma.bm/viewPDF/documents/2019-01-10-06-53-34-Insurance-Manager-Code-of-Conduct-2016.pdf); [Brokers and Agents Code (2019)](https://www.bma.bm/viewPDF/documents/2019-03-26-09-20-45-Insurance-Brokers-and-Insurance-Agents-Code-of-Conduct.pdf) | Intermediary roles, proportionality, history | Labelled BMA guidance (expectation), not statute |
| T2 · [BMA IALC Information Bulletin, 29 January 2026](https://cdn.bma.bm/documents/2026-01-29-16-01-31-Information-Bulletin---Insurance-Assessment-and-Licensing-Committee.pdf) | Intragroup insurance-manager comment | Shown as a review-pending interpretation point; not presented as an exemption |
| T2 · [BMA Annual Report 2025](https://cdn.bma.bm/documents/2026-07-20-12-40-59-2025-Annual-Report---Bermuda-Monetary-Authority.pdf): pp.38, 44, 45, 67, 68 | 2024 class statistics, 2025 flows, BTCSI licensee counts, digital-finance supervision counts, class descriptions | Stocks, flows and during-year counts are labelled separately; no live register total |
| T2 · [BMA Captive Insight Report (2023 data)](https://www.bma.bm/viewPDF/documents/2025-12-04-14-34-27-Bermuda-Captive-Insight-Report---2023-Year-end-Data.pdf), Annexes 2–3, pp.7 and 14 | Class 1–3 line mixes; captive-structure terms; Class A/B combined long-term lines | Market-wide captive figures are not attributed to one class |
| T2 · [P&C Catastrophe Risk and Stress Testing Analysis (2024 data)](https://www.bma.bm/viewPDF/documents/2025-12-18-10-41-33-2024-Year-End-Bermuda-Insurance-Property-and-Casualty-Market-Catastrophe-Risk-and-Stress-Testing-Analysis-Report.pdf); [Long-term Market Analysis (2024 data)](https://www.bma.bm/viewPDF/documents/2026-04-07-14-52-34-Bermuda-Long-term-Insurance-Market-Analysis-and-Stress-Testing-Report---December-2025.pdf) | 3B/4 and C/D/E combined context; Cat Return, RDS and ECR terms | The 3B/4 totals reconcile with the class table and a test pins the arithmetic. The long-term study warns its totals may differ from other BMA reports, so they are not reconciled. |
| T2 · [BMA insurance licensing requirements](https://www.bma.bm/insurance-licensing-requirements); [How to set up a captive/commercial insurer](https://www.bma.bm/insurance-licensing-how-to-set-up-an-insurance-company) | BMA class shorthand; service providers selected at set-up | The BMA's Class 3 list is quoted exactly because of its ambiguous wording; statutory tests control |
| T3 · [Appleby, "Riding The Wave" (8 July 2022)](https://www.applebyglobal.com/publications/riding-the-wave/); [Conyers, "Captive insurance in Bermuda" (September 2024)](https://www.conyers.com/publications/view/captive-insurance-bermuda/) | Captives' use of Bermuda insurance managers (two independent practitioner sources) | Industry perspective; not a Class 1 requirement. The Conyers date was corrected from "not stated". |
| T1 · Investment Business Act 2003 and the 2022 Class B and Non-registrable Persons Orders | Standard/test licences, Class A/B, non-registrable routes | The Non-registrable Order's enabling power is s.13(1)(b), which s.12(1)(c) still cites after the 2024 repeal of s.13D; later amendments to the Orders not checked |
| T2 · [BMA consultation, Investment Business Regime (10 June 2021)](https://www.bma.bm/viewPDF/documents/2021-06-10-16-51-18-Consultation-Paper---Enhancements-to-the-Investment-Business-Regime.pdf) | Investment history and purpose; fund-administration modernisation context | Proposal-stage explanation |
| T1 · Trusts (Regulation of Trust Business) Act 2001 and 2002 Exemption Order | Unlimited and limited licences, $30m measure, exemption routes | Original policy purpose not established |
| T1 · CSP Business Act 2012 and 2015 Exemption Order; T2 · [BMA explanatory memorandum (2011)](https://cdn.bma.bm/documents/2018-12-29-03-46-25-Explanatory-Memorandum-for-Corporate-Service-Provider-Business-Act-2011.pdf) | Licence classes, exemption categories, stated purpose | The director exclusion is cited as s.2(5), corrected from s.2(4) |
| T1 · Banks and Deposit Companies Act 1999 | Banking, deposit-company and restricted-banking licences; Third Schedule customers (2018, amended 2020 and 2024) | Schedules summarised only where stated |
| T1 · Fund Administration Provider Business Act 2019; T2 · BMA [licensing](https://www.bma.bm/fund-administration-licensing) and [supervision](https://www.bma.bm/fund-administration-supervision-regulation) pages | Definition, repeal of Investment Funds Act Part III, transitional re-licensing | **Conflicting sources:** on 25 September 2026 the licensing page still cited the repealed route |
| T1 · Money Service Business Act 2016 | Activities, licensing by activity, bank exclusion | The exemption order is not summarised; the owner-resolved note is unchanged |
| T1 · Digital Asset Business Act 2018 and Amendment Act 2020 (2020:46); T2 · [Government 2024 Annual Fintech Report](https://www.gov.bm/files/media-library/20260413/e74e02bf-bermudagovernment2024-annualfintechreport.pdf); [BMA DAB page](https://www.bma.bm/digital-asset-business) | Classes F, M and T, the Class T website statement, licensable activities, end-2024 counts and activity mix | The fintech report's earlier URL returned 404; the current Government URL serves an identical file |

## 25 September 2026 — IIGB prepublication wording and source reachability (2.7.4 local candidate)

The [BMA Annual Report 2025](https://cdn.bma.bm/documents/2026-07-20-12-40-59-2025-Annual-Report---Bermuda-Monetary-Authority.pdf) was opened in Chrome's PDF viewer on 25 September 2026; the official PDF cover rendered. The retained copy and page-level evidence described below support the eight-licence table figure (p.66) and seven-entity Digital Finance Supervision narrative (p.38). The shorter user-facing parenthesis treats run-off, different data-compilation cutoffs and active-business versus registered-entity counts as general editorial possibilities, **not findings of the BMA or a reconciliation**. The BMA's specific cause remains unestablished. The [as-tabled 2026 Insurance Amendment Bill](https://parliament.bm/admin/uploads/bill/0b44daca8e9d13d1458755312ea4446f.pdf) also opened in Chrome's PDF viewer; this does not establish enactment, and the horizon item remains proposal-labelled. Source reachability is point-in-time, not a continuing guarantee.

## 25 September 2026 — IIGB hypotheses labelled (2.7.3 local candidate)

The IIGB parenthesis names run-off treatment, publication lag and active-business versus registered-entity measures only as **editorial possibilities**, expressly not BMA findings or an established cause of the eight/seven difference. The report's seven-entity statement appears in its Digital Finance Supervision narrative (p.38); the eight-licence figure is in the all-insurers table (p.66). Both are in the same annual report, so publication lag is not asserted as the actual explanation. The [BMA's December 2024 registration statistics](https://cdn.bma.bm/documents/2025-01-16-15-12-33-Insurance-Registration-Statistics---December-2024.pdf) place Soter Insurance Limited's IIGB registration on 5 December 2024, not January 2025. The [Government's tabling statement](https://www3.gov.bm/articles/bermuda-monetary-authority-annual-report-2025) describes the 2025 insurer total as at 31 December 2025; the annual-report table is not a live registry display. No individual entity or legal status is inferred to explain the gap.

## 25 September 2026 — IIGB count disclosure (2.7.2 local candidate)

The [BMA Annual Report 2025](https://cdn.bma.bm/documents/2026-07-20-12-40-59-2025-Annual-Report---Bermuda-Monetary-Authority.pdf) lists eight IIGB licences in its all-insurers table (p.66) and refers to seven fully licensed IIGB entities in its innovation-supervision narrative (p.38). A previously retained copy of the official PDF matched the private SHA-256 manifest (`27d05bfad32b469e4ab77b7658fc8559b5e33e30c85b787cebe14f1d90b8212e`); both pages were inspected in that copy and cross-checked with a [text rendering of the report](https://bermuda.fm/regulatory/2962) on 25 September 2026. The live BMA PDF URL remained inaccessible to the web reader in this pass. The profile does not infer a reconciliation, common denominator or live register total. Reconfirm the BMA URL and source currency during release review.

## 9 October 2026 — as-tabled Bill and BR 123/2025 re-read (2.11.0)

The [House of Assembly's as-tabled Bill](https://parliament.bm/admin/uploads/bill/0b44daca8e9d13d1458755312ea4446f.pdf) and the official text of [BR 123/2025](https://www.bermudalaws.bm/Laws/Annual%20Law/Statutory%20Instruments/2025/Insurance%20%28Prudential%20Standards%29%20%28Class%20C%2C%20Class%20D%20and%20Class%20E%20Solevency%20Requirement%29%20Amendment%20Rules%202025) were retrieved and read on 9 October 2026. The Bill's clauses 2–4 match the knowledge-base entry; the PDF's file metadata (created 2 September, modified 9 September 2026) is not a tabling date. Parliamentary stage, enactment and commencement were not established. BR 123/2025 was made on 27 December 2025 and was operative on 1 January 2026. Retained copies and SHA-256 hashes are kept privately.

## 25 September 2026 — as-tabled Insurance Amendment Bill 2026 (2.7.1 local candidate)

The [House of Assembly's as-tabled Bill](https://parliament.bm/admin/uploads/bill/0b44daca8e9d13d1458755312ea4446f.pdf), clauses 2–4 and explanatory memorandum pp.1–3, proposes an Insurance Act s.17AA for Class C/D/E insurers other than those carrying on domestic business. It proposes filing an asset and liability statement under s.17(4), BMA publication, related s.18A consequences and deemed commencement on 1 January 2026 **if enacted as drafted**. Official proposed text was inspected on 25 September 2026. Section 17AA was not found in the [consolidated Act](https://www.bermudalaws.bm/Laws/Consolidated%20Law/1978/Insurance%20Act%201978) during that check. The official parliamentary/Gazette outcome was not independently established; the entry is a horizon proposal only, not a new operative obligation or calculated date. The separate 2025 Class C/D/E prudential-rules asset-and-liability-statement entry is unchanged. Recheck enactment and commencement before release and at the short 2 October 2026 review date.

The same BMA 2025 Annual Report contains an unresolved IIGB-count difference: its all-insurers licence table lists eight, while its innovative-entities narrative says seven fully licensed IIGB entities. The 2.7.1 profile attributed eight specifically to the table; the 2.7.2 local candidate adds the owner-approved disclosure above.

## 25 September 2026 — owner-approved depth expansion (2.7.0 local candidate)

The 12 non-pilot insurer-class backgrounds use claim-level source IDs, pin cites and retrieval dates in `kb.js`. The Act supplies legal qualification and class distinctions; official papers supply stated reform context and dated statistics; industry material is labelled interpretation. A source's availability does not establish the current position of every amended rule. The private claim and source-currency records are retained separately and are **not** deployment inputs.

| Tier / source | Used for | Limit |
| --- | --- | --- |
| T1 · [Insurance Act 1978 consolidated](https://www.bermudalaws.bm/Laws/Consolidated%20Law/1978/Insurance%20Act%201978), ss.4A–4F, 8A and 31AB–31AD | Ordinary class tests, BMA determination and limit-crossing routes | Consolidation rechecked 25 September 2026; recheck amendments near release. The s.4D “IIB” print conflicts with the enacted 2019 “IIGB” insertion. |
| T1 · [1995 amendment](https://www.bermudalaws.bm/Laws/Annual%20Law/Acts/1995/Insurance%20Amendment%20Act%201995), [2008 amendment](https://www.bermudalaws.bm/Laws/Annual%20Law/Acts/2008/Insurance%20Amendment%20Act%202008), [2010 amendment](https://www.bermudalaws.bm/Laws/Annual%20Law/Acts/2010/Insurance%20Amendment%20(No.%203)%20Act%202010) | Class creation and original text | Retained annual Acts and consolidated annotations; no class-specific 1995 policy-intent statement established. |
| T1 · [2012 amendment](https://www.bermudalaws.bm/Laws/Annual%20Law/Acts/2012/Insurance%20Amendment%20(No.%202)%20Act%202012), [2019 amendment](https://www.bermudalaws.bm/Laws/Annual%20Law/Acts/2019/Insurance%20Amendment%20Act%202019), [2022 amendment](https://www.bermudalaws.bm/Laws/Annual%20Law/Acts/2022/Insurance%20Amendment%20Act%202022) | Class E wording, IIGB and Class 3 exclusions, IILT exclusions | A web-reader attempt to open the 2012 deep link failed; the retained original and consolidated amendment annotation support the recorded text. Check public link before release. |
| T1 · [BR 41/2020 IIGB solvency rules](https://cdn.bma.bm/documents/2023-11-14-14-57-02-Insurance-Technical-Standards-Class-IIGB-Insurers-Solvency-Requirement-Rules-2020.pdf), [BR 42/2020 IIGB returns/capital rules](https://cdn.bma.bm/documents/2023-11-14-14-59-39-Insurance-Technical-Standards-Class-IIGB-Insurers-Statements-Returns-and-Capital-Solvency-Rules-2020.pdf) | Establish that distinct IIGB rule bodies exist | Web-inspected 25 September; not retained/hashed or cleared for later amendments. No current numeric formula is copied into the overview. |
| T2 · [BMA Annual Report 2008](https://cdn.bma.bm/documents/2018-12-28-04-11-37-Annual-Report-2008.pdf) p.37; [Hansard 10 December 2010](https://parliament.bm/admin/uploads/hansards/d120d55abad999376dd85a6bd2d07ac0.pdf) pp.330–331; [BMA May 2019 consultation](https://www.bma.bm/viewPDF/documents/2019-05-14-11-47-20-c.-Consultation-Paper-New-Insurers-and-Insurance-Market-Place---Final.docx-May-14-2019.pdf) pp.2, 7–8 | Reform-wide stated purpose and IIGB proposal-period rationale | Never presented as an individual class's legal qualification or an operative proposal. |
| T2 · [BMA 2011 long-term reclassification guidance](https://cdn.bma.bm/documents/2019-01-10-07-31-21-Guidance-Notes-for-Reclassification-of-Long-Term-Insurers.pdf), introduction and paras.1, 5 | Historical A/C transition context | Informal, non-statutory guidance, not today's alternative registration test. |
| T2 · [BMA Annual Report 2025](https://cdn.bma.bm/documents/2026-07-20-12-40-59-2025-Annual-Report---Bermuda-Monetary-Authority.pdf) p.66 | 2025-column licence counts by class | Report-column stock, not a live 2026 register or deal count. Reopen official edition before release. |
| T2 · [BMA Captive Insight, 2023 data](https://www.bma.bm/viewPDF/documents/2025-12-04-14-34-27-Bermuda-Captive-Insight-Report---2023-Year-end-Data.pdf), pp.5, 18, 22–23 | Class 1/2/3/A/B dated observations | Percentages are within the stated class/line or SAC/ISAC denominator, not Bermuda-wide shares or requirements. |
| T2 · [BMA P&C catastrophe study, 2024 data](https://www.bma.bm/viewPDF/documents/2025-12-18-10-41-33-2024-Year-End-Bermuda-Insurance-Property-and-Casualty-Market-Catastrophe-Risk-and-Stress-Testing-Analysis-Report.pdf); [BMA long-term study, 2024 data](https://www.bma.bm/viewPDF/documents/2026-04-07-14-52-34-Bermuda-Long-term-Insurance-Market-Analysis-and-Stress-Testing-Report---December-2025.pdf) | Links for combined 3B/4 and C/D/E cohorts | Neither study's aggregate result is assigned to one class. The long-term study's Class E shorthand does not replace Act s.4EF. |
| T3 · [KPMG captives](https://kpmg.com/bm/en/industries/insurance/captives.html), [PwC captives](https://www.pwc.com/bm/en/insurance-and-reinsurance-services/captive.html), [Conyers captives](https://www.conyers.com/publications/view/captive-insurance-bermuda/), [Appleby IIGB example](https://www.applebyglobal.com/news/appleby-bermuda-advised-relm-ii-in-its-incorporation-and-registration-to-provide-reinsurance-capacity-in-the-crypto-space/), [Chambers Bermuda guide](https://practiceguides.chambers.com/practice-guides/blockchain-crypto-assets-2026/bermuda) | Practitioner context and one type of innovative-market use | Neither statutory tests nor prevalence claims; publicly attributable examples are paraphrased. |

Owner approval of the Class E wording and the other eleven drafts is **editorial**, not Bermuda-qualified-counsel sign-off or publication authorisation. The overview does not repeat current solvency/filing formulas, because the amendment-currency review of those instruments remains separate. Source URLs in this section were retrieved or inspected during 24–25 September 2026 as noted in the private source record; this change did not rerun a full hash verification of all retained copies.

## 25 September 2026 — expanded insurer class backgrounds (2.6.0 local candidate)

Each displayed claim links to its source and provision/page in `kb.js`. Qualification and legal distinctions use the [Insurance Act 1978, consolidated](https://www.bermudalaws.bm/Laws/Consolidated%20Law/1978/Insurance%20Act%201978), especially ss.4A–4F. The [BMA Annual Report 2008](https://cdn.bma.bm/documents/2018-12-28-04-11-37-Annual-Report-2008.pdf), p.37, supports the stated rationale for the Class 3A/3B split; the [House Hansard of 10 December 2010](https://parliament.bm/admin/uploads/hansards/d120d55abad999376dd85a6bd2d07ac0.pdf), pp.330–336, supports programme-level A–E policy context. The [BMA 2019 consultation](https://www.bma.bm/viewPDF/documents/2019-05-14-11-47-20-c.-Consultation-Paper-New-Insurers-and-Insurance-Market-Place---Final.docx-May-14-2019.pdf), paras.18–21, supports IIGB policy context, not current legal permissions. The [BMA Annual Report 2025](https://cdn.bma.bm/documents/2026-07-20-12-40-59-2025-Annual-Report---Bermuda-Monetary-Authority.pdf), p.66, supplies counts from its 2025 column, not a verified live register or deal counts.

All five official PDFs named above have private retained copies whose SHA-256 hashes matched the private source-hash manifest on 25 September 2026. Reconfirm source currency before any publication. Original class-specific intent for Classes 1, 2 and 4, comprehensive current prudential comparisons, independent market-use evidence and unresolved Class E/IIGB boundaries are not presented as settled facts.

## 24 September 2026 — local CI/SPI class-background pilot (2.5.0 candidate; not published)

The pilot's per-claim citations and retrieval dates are embedded in `kb.js`. Source tiers describe provenance, not legal force. The public-facing labels distinguish enacted law/rules from non-binding BMA guidance, official commentary, industry interpretation and news. Private PDF copies and hashes remain outside the public allowlist. The following were retrieved or checked on 24 September 2026; publication dates were not inferred from URL timestamps.

| Tier and label | Source | Pilot use and limit |
|---|---|
| T1 · Law | [Insurance Act 1978, consolidated](https://www.bermudalaws.bm/Laws/Consolidated%20Law/1978/Insurance%20Act%201978), Bermuda Laws; PDF generated 22 January 2026 | ss.1, 4, 5, 7, 8, 8B, 8C, 15–17; class definitions, registration factors, roles and audit distinction. Original 2008/2019 annual Acts and Gazette instruments not inspected. |
| T1 · BMA rule | [CI Rules 2020](https://cdn.bma.bm/documents/2023-11-14-15-06-56-Insurance-Collateralized-Insurers-Statements-Returns-Solvency-and-Capital-Rules-2020.pdf), made 28 April, operative 30 April 2020 | rr.4–11; returns, audited GAAP statements, $250,000 MSM and CI ECR. |
| T1 · BMA rule | [SPI Rules 2020](https://cdn.bma.bm/documents/2023-11-14-15-03-35-Insurance-Special-Purpose-Insurers-Statements-Returns-and-Solvency-Requirement-Rules-2020.pdf), operative 30 April 2020 | rr.3–7, 13, 15; statements/returns, GAAP audit distinction and $1 MSM. The GAAP rule is not presented as eliminating the Act's statutory audit duty. |
| T1 provenance · BMA guidance, not an Act | [SPI Guidance Note](https://www.bma.bm/viewPDF/documents/2020-07-06-13-15-00-Guidance-Note---Special-Purpose-Insurers.pdf), 1 July 2020 | History, supervisory approach and paras.29–31 on GAAP audit. Its 2019-Rules reference requires care; legal effect of case-specific modifications remains for counsel. |
| T2 · Official commentary | [BMA consultation, New Insurers and Insurance Market Place](https://www.bma.bm/viewPDF/documents/2019-05-14-11-47-20-c.-Consultation-Paper-New-Insurers-and-Insurance-Market-Place---Final.docx-May-14-2019.pdf), 14 May 2019 | Stated CI policy rationale only. Proposed contingent collateral, modelled limits and counterparty permissions are not treated as current legal permissions. |
| T2 · Official commentary | [BMA Annual Report 2025](https://cdn.bma.bm/documents/2026-07-20-12-40-59-2025-Annual-Report---Bermuda-Monetary-Authority.pdf), 2025 reporting year, published 2026 | p.66 licence-stock columns: SPI 201, CI 27 in 2025; no exact stock reference date asserted. |
| T2 · Official commentary | [BMA PSPI stakeholder letter](https://cdn.bma.bm/documents/2026-09-16-10-54-30-Stakeholder-Letter---Consultation-Paper---New-Insurer-Class---Parametric-Special-Purpose-Insurance-16-September-2026.pdf), 16 September 2026 | Existing KB horizon item only; proposal is not presented as operative law. |
| T3 · Industry perspective | [Conyers, Bermuda ILS: Strength in Diversity](https://www.conyers.com/publications/view/bermuda-ils-strength-in-diversity/), June 2024 | Dated practitioner context and typical uses; not eligibility evidence. |
| T4 · News report | [Artemis CI interview](https://www.artemis.bm/news/new-collateralised-insurer-class-to-add-ils-fund-diversification-demerling-walkers/), 3 October 2019; [Artemis SPI transaction report](https://www.artemis.bm/news/state-farm-sponsored-record-1-55bn-merna-re-cat-bond-using-multiple-bermuda-spis/), 22 May 2025 | Single reports of expectations or specific activity; not general prevalence or legal tests. |

The current Insurance Code of Conduct, original amendment Acts/Gazette commencement records, current live BMA register and full post-2020 rule-amendment history were not cleared for this pilot. Counsel review of the restricted-SPI audit interaction is required before publication of a definitive audit comparison.

## 22 September 2026 — PCC and request-letter review (2.3.0)

Primary materials accessed for this targeted update:

- [BMA PCC notice, 13 August 2026](https://cdn.bma.bm/documents/2026-08-13-14-53-34-Notice---New-Policy-Implementation---Police-Clearance-Certificate-Requirement-for-Key-Persons.pdf), pages 1–2: scope, timing, residence/age criteria, discretion for substitutes, transition and contact. Download SHA-256: `97d7dbb888bccedaf92d7d542bd01f392523320a3c8bbfd84d71485f75327720`.
- [Consolidated Insurance Act 1978](https://www.bermudalaws.bm/Laws/Consolidated%20Law/1978/Insurance%20Act%201978): statutory gateways below. Each remains subject to class, facts, directions and current instruments.
- [BMA 2026 fees](https://www.bma.bm/viewPDF/documents/2026-03-17-10-11-27-2026-Bermuda-Monetary-Authority-Fees.pdf), printed pages 8–13, insurance application items. This schedule supports fee references, not substantive eligibility for relief.
- [BMA forms index](https://www.bma.bm/documents-centre/documents-reporting-forms-and-guidelines) and [Personal Declaration Form, January 2026](https://www.bma.bm/viewPDF/documents/2026-01-16-12-00-10-Personal-Declaration-Form-for-Director-Officers13-Jan-26.pdf): the available form reviewed did not expressly mention police certificates. This does not override the later notice or prove no other updated form exists. Confirm the form for the specific submission.

| Request | Primary route | Template treatment / unresolved matters |
|---|---|---|
| New insurer registration | Act ss.4–5; minimum criteria; fees item 1(a) | Applicant, class and business case; $800 application reference, separate registration fee; confirm class-specific form, evidence and channel |
| Filing extension | Act s.17(4); s.6C for the relevant standards; fees 2(c), 2(x), 2(z) | Identify filing and current/requested dates; retain period limits only for their proper route; combined fee not guessed |
| Exemption/modification | Act s.56(5) scope, s.6C standards, s.6D capital; s.57A designated investment contracts | Exact target/gateway and reasons; discretionary outcome; no universal undue-burden test, board-resolution requirement or flat fee asserted |
| Controller | Act ss.30D, 30E, 30EA, 30J; fee 2(f) where applicable | Identify actor, public/private status, transaction and threshold; distinguish prior notice from subsequent reporting |
| Appointment | Act ss.8, 8B, 16, 16A, 26–27 | Identify role and class; distinguish appointment approval from separate incumbent reporting; role-specific forms/fees remain to confirm |

PCC issuer hierarchy, fingerprints, universal translation/authentication and named foreign-document acceptance were not established by the reviewed notice. The app presents preparation prompts and BMA confirmation routes, not additional legal mandates. Country examples were deliberately omitted. Letter prose and suggested supporting analyses are editorial preparation aids, not BMA-prescribed forms. Source review is targeted and has no external legal sign-off.

> **21 September 2026 update:** Sections 1–4 below are historical research records, not a statement that every entry remains current. The targeted 2.2.0 correction register and limits are in [VERIFICATION.md](VERIFICATION.md). The 2022 Code commenced on 1 September 2022; 31 August is its upload date. Source types now also include `official-guidance` for non-BMA government guidance/announcements. Consultation timings must be read by component, not collapsed into a single date.


> Bermuda Regulatory Compliance Navigator — knowledge base research log.
> Research conducted: **2 July 2026** (all "retrieved" dates below are 2 July 2026 unless stated).
> Researcher: automated research pass (Claude) against official and secondary sources; **not legally reviewed** — see the legal_review flag in kb.js.

Source-type taxonomy used in the knowledge base (kb.js):

| type | meaning |
|---|---|
| `legislation` | Bermuda Acts / Regulations / Rules (bermudalaws.bm, or BMA-published rule text) |
| `bma-primary` | BMA-issued instruments with binding or quasi-binding force (Rules, Codes, fee schedule, enforcement notices) |
| `bma-guidance` | BMA guidance notes, discussion/consultation papers, regulatory updates, statements of principles |
| `expert-opinion` | Law firm / consultancy / actuarial commentary — **not a BMA source** |
| `practitioner-best-practice` | Professional practice guidance without a single authoritative text — **not a BMA source** |
| `news` | Trade press — **not a BMA source** |

---

## 1. Primary instruments located and verified

### 1.1 Insurance Act 1978 (consolidated)
- **Exact title:** Insurance Act 1978 (1978 : 39), official consolidation.
- **Issuing authority:** Bermuda legislature; consolidation published by the Government of Bermuda (bermudalaws.bm).
- **Consolidation currency:** text includes amendments through the **Insurance Amendment (No. 2) Act 2025 (2025 : 33), effective 7 January 2026** (per section annotations, e.g. ss.1, 6C, 18A, 30CA, 32D "amended by 2025 : 33 … effective 7 January 2026").
- **Source URL:** https://www.bermudalaws.bm/Laws/Consolidated%20Law/1978/Insurance%20Act%201978 (PDF, 143 pp.)
- **Retrieved:** 2 July 2026. Full text downloaded and searched; provisions below quoted from the retrieved text.
- **Used for / provisions verified verbatim:**
  - **s.3(1)** — prohibition on carrying on insurance business in or from within Bermuda unless registered under s.4.
  - **s.8 / s.8A** — principal office & principal representative requirement; principal representative must "forthwith notify" the Authority of specified events (incl. likelihood of insolvency, significant loss likely to breach ECR, criminal proceedings, ceasing business, class-limit breaches) and file a written report **within 14 days**; wilful failure to give required notice is an offence; 45-day post-loss CSR (s.8A(2a)) and 30-day interim statements (s.8A(2b)) follow-ups.
  - **s.14(2)** — annual fee payable **before 31 March** in every year following registration, in the amount prescribed under the Bermuda Monetary Authority Act 1969; **s.14(3)** — late penalty fee of **10% of the fee due for every month or part month** unpaid; s.14(5) quarterly remission of registration fees (25/50/75%).
  - **s.17(1)/(3)/(4)** — duty to keep and file statutory financial statements; **"filing date"**: Classes 1, 2, 3 (not also C/D/E), A, B — **six months** after financial year end "(or such longer period, not exceeding **nine months**, as the Authority may allow … on an application made to it for that purpose)"; Classes 3A, IIGB, Collateralized Insurer, 3B, SPI, 4, C, IILT, D, E — **four months** "(or such longer period, not exceeding **seven months**, as the Authority may allow … on an application …)".
  - **s.17A(5)** — additional GAAP financial statements (Class 3A, 3B, 4, C, D, E) filed within **four months**, extendable to not more than **seven months**.
  - **s.18(1)** — statutory financial return filed at the same time as the statutory financial statements.
  - **s.18A(1)–(2)** — late fees for failure to file statements/returns/CSR: per **week or part week**, up to **$500** (Class 1/2/3/A/B, managers, brokers, agents, marketplace providers), **$1,000** (Class 3A, IIGB, Collateralized, SPI, IILT, C, D), **$5,000** (Class 3B, 4, E); **s.18A(5)** — Authority may appoint an inspector under s.30 where filings remain outstanding **three months** past the filing date.
  - **s.30D / 30E / 30EA / 30F / 30G** — shareholder controller regime: private companies — prior written notice and 45-day no-objection for becoming a **10%, 20%, 33% or 50%** shareholder controller; public companies — notice within 45 days after; disposal notifications; objection powers; **s.30G offences**: summary conviction fine **$25,000** (failure to notify), and for continuing as a controller after a notice of objection an **additional $500 per day**; on indictment **$100,000 or 2 years' imprisonment or both**.
  - **s.30JEA** — statutory duty on insurers to **forthwith notify** the Authority of a cyber reporting event and file a written report **within 14 days** (definition of "cyber reporting event" included).
  - **s.31A** — failure to meet the **minimum margin of solvency**: immediate notification, 14-day written report with rectification plan, and **no dividends until the failure is rectified**.
  - **s.31AA** — failure to comply with the **enhanced capital requirement**: immediate notification, 14-day report/plan, **45-day** unaudited EBS + interim GAAP statements etc., dividend freeze.
  - **s.31B** — dividends exceeding **25% of total statutory capital and surplus** (commercial classes): affidavit signed by two directors and the principal representative filed **at least 7 days before payment**; further restrictions where relevant margins not met (s.31B(3)-(4)).
  - **s.31C** — prior BMA approval required before reducing **total statutory capital by 15% or more** (commercial + captive classes per subsections); Collateralized Insurers: 30-day post notification.
  - **s.32** — powers of intervention: directions (incl. cease writing, premium caps, no variations increasing liabilities …) on grounds incl. breach of the Act/Rules, ECR breach, unapproved controller.
  - **s.32D** — civil penalty up to **$500,000** per failure/contravention ("effective, proportionate and dissuasive"); due-diligence defence; carve-outs for ss.14(3), 15A(6), 18A, 30CA(4); **s.32E** warning/decision notice procedure.
  - **s.32F** — public censure of a registered person; **s.32H–32J** — prohibition orders against individuals (breach: summary **$50,000**/2 years; indictment **$200,000**/4 years).
  - **s.41 / s.42 / s.44** — cancellation of registration grounds (false/misleading information, unsound business conduct, minimum criteria) and gazetting.
  - **s.50 (Issue of false documents)** — offence of issuing false/misleading documents for the purposes of the Act.
  - **s.29B, s.30, s.30A–30C** — information/report powers, investigations, obstruction offences ($50,000/2 yrs summary; $200,000/5 yrs indictment for document destruction).
- Also located: BMA-hosted consolidation (older upload): https://cdn.bma.bm/documents/2019-03-27-09-23-29-Insurance-Act-1978.pdf and http://www.commonlii.org/bm/legis/consol_act/ia1978116.pdf (not used — superseded by bermudalaws.bm text).

### 1.2 2026 BMA fee schedule
- **Exact title:** "Bermuda Monetary Authority Fees Effective 1 January 2026" — summary of fees pursuant to the **Fourth Schedule of the Bermuda Monetary Authority Act 1969**.
- **Issuing authority:** Bermuda Monetary Authority. **Effective:** 1 January 2026 (document uploaded 17 March 2026).
- **Source URL:** https://cdn.bma.bm/documents/2026-03-17-10-11-27-2026-Bermuda-Monetary-Authority-Fees.pdf (via https://www.bma.bm/fees)
- **Retrieved:** 2 July 2026. Full 30-page PDF downloaded and extracted.
- **Fee data captured (Insurance Act section of the schedule):**
  - Application for registration as an insurer under s.4(1): **$800**; intermediaries under s.10: $400; salesman: $200.
  - **Filing-deadline extension under s.17(4)** — per month past the filing deadline: Class IIGB/3A/C/IILT/D **$1,500 per month** (first/second/third month); Class 3B/4/E **$2,500 per month** (first/second/third month); Class 1/2/3/A/B, Collateralized, SPI **$750 per month** (first/second/third month). *The schedule prices no month beyond the third — consistent with the statutory 3-month extension cap in s.17(4).* One fee where multiple filings extended together (s.17(4)/s.6C).
  - BSCR filing extension under s.6C: $1,500/month (both class groups, three months priced). CISSA/GAAP/FCR extensions under s.6C: $1,500/month (three months priced).
  - s.30D controller notification: **$750**. s.31B dividend affidavit: **$550**. s.31C capital reduction approval: **$1,500**. s.56 direction: **$1,000** (specified categories also $1,000). s.57A direction: $2,500. s.6C/27FA(1) prudential-standard exemption/modification: **$1,000**; quarterly-return exemption/modification: $2,500.
  - **Internal capital model**: pre-application $55,000; review & approval min **$200,000** – max **$2,000,000** (sliding scale); annual monitoring **$30,000**; major-change post-approval $30,000.
  - **Scenario-based approach (SBA) model** (Rules under s.6A/27F): review & approval — one-time, case-by-case, min **$120,000** – max **$1,500,000**; **annual monitoring $250,000**; limited-basis assets in BEL min $10,000–max $500,000 (subsequent $10,000); long-duration assets same; insurer-specific default cost assumptions $15,000 (re-approval **every two years**, $10,000).
  - **Annual business fees (s.14(2), item 7)** — e.g.: Class 1 **$2,250**; Class 2 **$4,375**; Class 3 $17,800–$30,000 (GPW tiers); Class 3A $24,550–$44,500 (GPW tiers; affiliated reinsurer $24,550); **Class 3B and Class 4 $253,000–$446,800** (GPW tiers: ≤$150m / ≤$350m / ≤$2bn / ≤$5bn / >$5bn); SPI $10,000 (restricted) / $15,000 (unrestricted); Class A/B **$13,570**; Class C (domestic-only) $25,000–$100,000 (asset tiers); Class C non-domestic $50,000–$430,000+0.001%; Class D non-domestic $270,000–$430,000+0.001%; Class E domestic-only $95,000–$190,000; Class E non-domestic $270,000–$430,000+0.001%; Class IGB/ILT $7,500; Collateralized $15,000–$50,000 (collateral-asset tiers); IIGB $25,000–$45,000 (GPW tiers). Run-off tiers also captured for 3A/3B/4.
  - **Group fees (s.27B, item 8)**: group supervision annual fee $211,700 / $279,000 / $545,900 by GPW or asset tier; IAIG fees $1,000,000+ (long-term) and $545,900 + 0.002% GWP capped $1,249,000 (general).
  - Annual fee billing basis: assigned class as at 1 January 2026; pro-rata on cancellation before 31 March; statutory penalty fees per s.14(3).

### 1.3 Insurance Code of Conduct
- **Exact title:** The Insurance Code of Conduct (Revised) — **August 2022**.
- **Issuing authority:** BMA under s.2BA Insurance Act 1978. **Effective:** 31 August 2022 (transition: 12 months for ss.1–7; 6 months for s.8 conduct provisions — both long since expired).
- **Source URL:** https://www.bma.bm/viewPDF/documents/2022-08-31-12-35-41-Insurance-Code-of-Conduct--Revised-August-2022.pdf
- **Retrieved:** 2 July 2026 (title/date via BMA document centre and search results; commentary cross-check: Kennedys, Conyers, Ocorian — expert-opinion).

### 1.4 Insurance Sector Operational Cyber Risk Management Code of Conduct
- **Exact title:** Insurance Sector Operational Cyber Risk Management Code of Conduct — final version **October 2020**, **effective 1 January 2021**.
- **Issuing authority:** BMA. **Source URL:** https://www.bma.bm/viewPDF/documents/2020-10-06-09-27-29-Insurance-Sector-Cyber-Risk-Management-Code-of-Conduct.pdf
- **Retrieved:** 2 July 2026.
- **Key parameters verified:** notification of a **material cyber reporting event within 72 hours** of determination or confirmation (whichever sooner) by the principal representative (insurers) / appropriate officer (managers & intermediaries); **incident report within 14 days** of the initial notification; materiality definition (significant adverse impact on policyholders/clients, significant loss of system availability, severe compromise of system/data integrity, confidentiality breach, or notice required to another authority). Cross-check: Kennedys, Deloitte, Ocorian summaries (expert-opinion). Statutory anchor: Insurance Act **s.30JEA** (forthwith + 14 days) verified in 1.1.
- Context: BMA "Bermuda Insurance Sector Operational Cyber Risk Management — 2025 Report" (published 15 Jan 2026): https://www.bma.bm/viewPDF/documents/2026-01-15-13-25-31-Bermuda-Insurance-Sector-Operational-Cyber-Report-2025.pdf (bma-guidance).

### 1.5 Operational Resilience and Outsourcing Code
- **Exact title:** Operational Resilience and Outsourcing Code (with accompanying Guidance Notes).
- **Issuing authority:** BMA. **Issued/published:** September 2025 (documents uploaded 15 September 2025). Consultation paper issued 14 January 2025.
- **Effective / phase-in:** **1 January 2027** for entities licensed under the Banks and Deposit Companies Act 1999; **31 March 2028** for all other regulated entities (including insurers).
- **Source URLs:** Code — https://www.bma.bm/viewPDF/documents/2025-09-15-16-10-28-Operational-Resilience-and-Outsourcing---Code.pdf ; Guidance Notes — https://www.bma.bm/viewPDF/documents/2025-09-15-16-12-12-Operational-Resilience-and-Outsourcing---Guidance-Notes.pdf
- **Retrieved:** 2 July 2026. Key requirement noted from commentary (verify against Code text before reliance): notification of outsourcing arrangements to the BMA with a 30-day no-objection process. Cross-check: Appleby (Oct 2025), Kennedys, Walkers/JDSupra (expert-opinion); Royal Gazette (news).

### 1.6 Climate risk
- **Exact title:** Guidance Note — Management of Climate Change Risks for Commercial Insurers.
- **Issuing authority:** BMA. **Version:** March 2023 (revision).
- **Source URL:** https://www.bma.bm/viewPDF/documents/2023-03-09-17-03-42-Guidance-Note---Insurance---Management-of-Climate-Change-Risks-for-Commercial-Insurers.pdf
- **Retrieved:** 2 July 2026.
- **Phase-in verified (via guidance + Grant Thornton summary):** best-effort overview from YE2022 reporting; overarching status assessment with action plan from YE2023; **climate change action plan fully implemented by year-end 2025**; progress documented in the annual CISSA/ORSA. Related: Discussion Paper — Disclosure of Climate Change Risks for Commercial Insurers (Sept 2023).

### 1.7 Prudential Standards Rules & Recovery Plan Rules
- **EBS reform package:** Insurance (Prudential Standards) (Class 4 and Class 3B Solvency Requirement) Amendment Rules 2024; (Class 3A Solvency Requirement) Amendment Rules 2024; (Class C, Class D and Class E Solvency Requirement) Amendment Rules 2024; (Insurance Group Solvency Requirement) Amendment Rules 2024 — **operative 31 March 2024**. Source URLs (BMA):
  - https://cdn.bma.bm/documents/2024-03-28-13-20-54-Insurance-Prudential-Standards-Class-3A-Solvency-Requirement-Amendment-Rules-2024..pdf
  - https://cdn.bma.bm/documents/2025-07-10-15-35-38-2024-03-28-13-20-55-Insurance-Prudential-Standards-Class-C-Class-D-Class-E-Solvency-Requirement-Amendment-Rules-2024.pdf
  - https://cdn.bma.bm/documents/2024-03-28-13-20-55-Insurance-Prudential-Standards-Group-Solvency-Requirement-Amendment-Rules-2024.pdf
  - Retrieved 2 July 2026. Content notes (via Skadden "Standard Formula" ch.2, Finalyse, SOA/actuarial commentary — expert-opinion): SBA reforms (incl. lapse-risk adjustments capped at one standard deviation, new BSCR lapse & expense risk components), prior-approval requirements for certain asset classes backing BEL (private assets, structured securities, mortgages, preferred stock; non-publicly-traded and affiliated assets), liquidity-risk conditions for SBA approval.
- **Class C/D/E Amendment Rules 2025:** Insurance (Prudential Standards) (Class C, Class D and Class E Solvency Requirement) Amendment Rules 2025 — **operative 1 January 2026**; requires an **asset and liability statement** in the year-end filing for all Class C/D/E insurers other than domestic-only; BMA published the template and completion instructions **February 2026**. (Via Conyers/Chambers/Kennedys 2026 commentary — expert-opinion; rule text on bma.bm Legislation & Guidance.)
- **Recovery Plan Rules:** Insurance (Prudential Standards) (Recovery Plan) Rules 2024 — issued **25 April 2024**, **effective 1 May 2025**; apply to (re)insurers **designated by the BMA** (economic importance / systemic significance), which receive formal notification; Guidance Note consultation issued 11 April 2025 (consultation closed 30 September 2025). Sources: BMA rules page; Finalyse summary (expert-opinion); Conyers 2025 Bermuda Insurance Bulletin (expert-opinion). Retrieved 2 July 2026.
- **SBA approval requirement (research directive):** confirmed at three levels — (i) Prudential Standards Rules (EBS technical provisions) require BMA approval to use the scenario-based approach and impose ongoing conditions (expert summaries above; rule text is the binding source); (ii) the **2026 fee schedule** (bma-primary) prices "application for review and approval of a scenario-based approach (SBA) model made under the provisions of a Rule made under section 6A or 27F" (min $120,000–max $1,500,000; **$250,000 annual monitoring**; asset-class sub-approvals; biennial re-approval of insurer-specific default cost assumptions); (iii) unapproved use is a contravention of Rules made under s.6A, engaging **s.32D** civil penalties (≤$500,000 per contravention), **s.32** intervention powers and **s.6D** ECR adjustments (legislation, verified in 1.1). The exact rule paragraph number for each class's SBA approval requirement was **not** pinned in this pass — flagged "verify" in the KB.

### 1.8 AML/ATF framework
- Proceeds of Crime Act 1997; Anti-Terrorism (Financial and Other Measures) Act 2004; Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing) Regulations 2008 — framework confirmed current (consolidations on bermudalaws.bm; Conyers AML compendium January 2025 — expert-opinion).
- **BMA General Guidance Notes for AML/ATF Regulated Financial Institutions** — revised version published 12 June 2023 (re-uploaded 13 June 2024): https://www.bma.bm/viewPDF/documents/2024-06-13-13-28-45-2023-06-12-15-17-06-General-Guidance-Notes-for-AMLATF-Regulated-Entities-Revised.pdf — retrieved 2 July 2026.
- **Sector paper:** "Long-Term Insurers, Insurance Managers and Insurance Brokers Sector — ML/TF Risks, Vulnerabilities and Preventive Measures" (BMA, October 2024): https://cdn.bma.bm/documents/2024-10-16-14-59-03-Long-Term-Insurers-Insurance-Managers-andInsurance-Brokers-Sector---MLTF-Risks-Vulnerabilities-and-Preventive-Measures.pdf
- Scope note verified: direct long-term insurers (not pure reinsurers) carrying on specified long-term business are AML/ATF regulated financial institutions — fact-dependent, flagged "verify" per entity.

### 1.9 Economic substance
- Economic Substance Act 2018 + Economic Substance Regulations 2018 (as amended). **Declaration due within six months of the entity's financial year end**, filed via the Registrar of Companies e-portal.
- **Administrative change:** oversight transferring from the Registrar of Companies to the **Bermuda Corporate Income Tax Agency**; declarations continue via the ROC e-portal "until further notice". Sources: Conyers "Economic Substance Declaration Filings – May 2026" https://www.conyers.com/publications/view/economic-substance-declaration-filings-may-2026/ (expert-opinion); Government of Bermuda ES Guidance Notes (General Principles, revised) https://www.gov.bm/sites/default/files/Economic-Substance-Guidance-Notes-REVISED.pdf . Retrieved 2 July 2026.

### 1.10 Group supervision
- Insurance (Group Supervision) Rules 2011 (as amended, incl. 25 March 2024 amendments) and Insurance (Prudential Standards) (Insurance Group Solvency Requirement) Rules 2011 (as amended by the 2024 Amendment Rules, operative 31 March 2024).
- **Insurance Amendment (No. 2) Act 2025 (2025 : 33), effective 7 January 2026** — designated insurance holding companies; group supervision may sit at a non-regulated Bermuda holding company; BMA information, intervention, penalty and prohibition powers extended to the holding-company level. Sources: consolidated Act annotations (legislation); Kennedys "Enhancements to Bermuda's group supervision regime" (expert-opinion); Mondaq "Key Insurance Regulatory Updates" (expert-opinion). Retrieved 2 July 2026.
- Group annual fees under s.27B verified in the 2026 fee schedule (1.2).

### 1.11 Enforcement practice
- **BMA enforcement action listing:** https://www.bma.bm/enforcement-action (bma-primary). Examples verified: civil penalties totalling **$600,000** — Meritus Trust Company Limited (AML/ATF; notice 30 December 2024, https://www.bma.bm/viewPDF/documents/2024-12-30-11-58-40-Notice---Enforcement-Action---Civil-Penalties---Meritus-Trust-Company-Limited.pdf); civil penalties totalling **$900,000** — Acadia Life Limited and **$100,000** — Acadia Life International Limited (long-term insurers); public censure — Blue Nile Services Limited (MSB). Retrieved 2 July 2026.
- **Statement of Principles** (Insurance Act 1978) — BMA's published principles for use of registration/cancellation, intervention, civil penalty, censure and prohibition powers: https://www.bma.bm/viewPDF/documents/2019-01-10-08-09-37-Insurance-SOP.pdf (bma-guidance; check for a later revision before reliance).
- BMA quarterly Regulatory Updates (bma-guidance): Q4 2024 https://cdn.bma.bm/documents/2025-01-27-13-25-32-Q4-2024-Regulatory-Update.pdf ; Q1 2025 https://cdn.bma.bm/documents/2025-05-02-10-46-26-Regulatory-Update-January---March-2025.pdf ; Q3 2025 https://www.bma.bm/viewPDF/documents/2025-12-01-10-23-30-Q3-25-Regulatory-Update-FINAL.pdf ; Q4 2025 https://www.bma.bm/viewPDF/documents/2026-02-12-09-45-52-Q4-2025-Regulatory-Update.pdf ; Q1 2026 https://www.bma.bm/viewPDF/documents/2026-04-30-14-54-18-Q1-2026-Regulatory-Update.pdf .

### 1.12 Filing-extension limit (research directive)
- **User hypothesis tested:** "after a third granted filing-extension request no further extension is available; continued non-filing is automatically a breach."
- **What the sources support:** the limit is a **statutory cap on the aggregate extended period**, not a count of requests: s.17(4) permits the Authority to allow "such longer period, **not exceeding seven months**" (four-month classes) or "**not exceeding nine months**" (six-month classes) — i.e. a maximum of **three additional months** in each case. The 2026 fee schedule (bma-primary) prices extension applications only for the **first, second and third months** past the filing deadline — no fourth month exists in the schedule, consistent with the statutory cap. Once the capped period expires, the Authority has **no power under s.17(4)** to allow more time; continued non-filing is a contravention attracting s.18A weekly late fees, possible inspector appointment (s.18A(5)), s.32 intervention and s.32D civil penalties.
- **Encoded as:** statutory cap [ESTABLISHED — Act text]; per-month fee structure [VERIFY — 2026 schedule]; "three requests then automatic breach" framing corrected to "maximum three months' aggregate extension".

---

## 2. Secondary sources consulted (context / cross-check only — labelled non-BMA in the KB)

| Source | URL | Used for | Retrieved |
|---|---|---|---|
| Conyers — Insurance Act 1978 & Rules for Commercial Insurers Compendium (Jan 2025) | https://www.conyers.com/wp-content/uploads/2025/01/Insurance_Act_1978_and_Rules_for_Commercial_Insurers_Compendium-BDA.pdf | cross-check of Act/Rules structure | 2 Jul 2026 |
| Conyers — 2025 Bermuda Insurance Bulletin | https://www.conyers.com/publications/view/2025-bermuda-insurance-bulletin/ | recent-changes sweep | 2 Jul 2026 |
| Conyers — Economic Substance Declaration Filings May 2026 | https://www.conyers.com/publications/view/economic-substance-declaration-filings-may-2026/ | ES deadline + agency transfer | 2 Jul 2026 |
| Kennedys — Op Resilience Code articles; Q4 2025 regulatory round-up; group supervision enhancements | https://www.kennedyslaw.com/... | Op Res Code phase-in; 2025:33 group changes | 2 Jul 2026 |
| Appleby — "BMA Requires Greater Operational Resilience" (Oct 2025) | https://www.applebyglobal.com/publications/bma-requires-greater-operational-resilience/ | Op Res Code dates | 2 Jul 2026 |
| Walkers — EBS enhancement notes | https://www.walkersglobal.com/en/Insights/2024/03/Bermuda-Monetary-Authoritys-enhancements-to-the-regulatory-regime-for-commercial-insurers | Amendment Rules 2024 operative date | 2 Jul 2026 |
| Skadden — The Standard Formula ch.2 (Bermuda) (Mar 2025) | https://www.skadden.com/insights/publications/2025/03/chapter-2-the-bermuda-prudential-solvency-regime | SBA approval framework | 2 Jul 2026 |
| Finalyse — BMA EBS vs Solvency II; Recovery Planning Rules | https://www.finalyse.com/blog/... | SBA conditions; Recovery Plan Rules scope | 2 Jul 2026 |
| SOA — "Introduction to Bermuda SBA Modeling" (2025) | https://www.soa.org/digital-publishing-platform/emerging-topics/et-2025-04-yuan/ | SBA mechanics (practitioner) | 2 Jul 2026 |
| 4most — Reforms to Bermuda's SBA | https://4-most.co.uk/insights/reforms-to-bermudas-scenario-based-approach/ | lapse-risk reform detail | 2 Jul 2026 |
| Grant Thornton — climate guidance summary | https://www.grantthornton.bm/insights/articles/revised-guidance-note-for-the-management-of-climate-change-risks-for-commercial-insurers/ | climate phase-in dates | 2 Jul 2026 |
| Deloitte / Ocorian / Kennedys cyber code summaries | (see 1.4) | 72h/14d cross-check | 2 Jul 2026 |
| Chambers — Insurance & Reinsurance 2026 (Bermuda) | https://practiceguides.chambers.com/practice-guides/insurance-reinsurance-2026/bermuda | 2026 landscape cross-check | 2 Jul 2026 |
| Harneys regulatory blog — BMA Act consultation | https://www.harneys.com/our-blogs/regulatory/proposed-amendments-to-bermuda-monetary-authority-act-consultation-open/ | pending BMA Act changes | 2 Jul 2026 |
| BMA consultation — BMA Act 1969 general powers & fees (24 Jul 2025) | https://www.bma.bm/viewPDF/documents/2025-07-24-13-59-04-Consultation-Paper-and-Illustrative-Draft---Bermuda-Monetary-Authority-Act-1969---Proposed-Amendments-to-General-Powers-and-Fee-Related-Changes.pdf | pending changes (bma-guidance) | 2 Jul 2026 |
| Royal Gazette / Captive Insurance Times / Reinsurance News items | (various, see 1.5/1.6) | news cross-check only | 2 Jul 2026 |

---

## 3. Items that remain UNVERIFIED or partially verified after research

| Item | Status after research | Why |
|---|---|---|
| Exact rule paragraph numbers for SBA approval in each class's Prudential Standards Rules | **Partially verified** — requirement confirmed via fee schedule + expert commentary; rule text located but paragraph-level citation not pinned | Rule PDFs are large; paragraph citation deferred to legal review |
| Quarterly financial return deadlines per class | **Unverified** — requirement exists for commercial classes under the Rules; exact due dates not pinned to rule text this pass | as above |
| Submission channels/portals for specific applications (extension, controller, approved person) | **Unverified** — BMA operates electronic filing (e.g. ERICA/portal); current channel per application type not confirmed | Not published in a single authoritative page found |
| Fee for approval of auditor / actuary / principal representative appointments | **Unverified** — no line item identified in the 2026 schedule | May be free / bundled; confirm with BMA |
| Whether a later revision of the Insurance Act Statement of Principles exists post-2019 | **Unverified** | Document centre shows 2019 upload; check before reliance |
| Operational Resilience Code 30-day no-objection detail | **Verify** — from expert commentary; confirm in Code text ss. on outsourcing notification | Code PDF not parsed line-by-line this pass |
| Insurance Code of Conduct — whether any post-Aug-2022 revision exists (a 2024 extension to intermediaries was consulted on) | **Verify** | Captive International reported a 2024 extension proposal; final status not confirmed |
| DABA / IB / trust / banking / MSB / CSP obligation-level detail (deadlines, forms) | **Unverified** — framework-level only, as before | Out of research scope this pass |
| AML/ATF sector-specific guidance note for long-term insurers — whether the Nov 2016 sector note remains the current sector-specific text | **Verify** | 2023 general notes + Oct 2024 sector risk paper confirmed; 2016 sector note not re-verified |
| Economic substance declaration mechanics after the Corporate Income Tax Agency transfer completes | **Verify** | Transitional; ROC portal "until further notice" |

All of the above remain flagged with `verification: "verify"` or `"unverified"` and `legal_review: "pending"` in kb.js.

---

## 4. Targeted Stage 2 correction — 16 September 2026

The July research log above is preserved as historical evidence. This software
release does not claim that every linked document or legal requirement was
rechecked in September. Editorial update dates are separate from research dates.

The official text of [BR 123/2025, Class C/D/E Amendment Rules 2025](https://www.bermudalaws.bm/Laws/Annual%20Law/Statutory%20Instruments/2025/Insurance%20%28Prudential%20Standards%29%20%28Class%20C%2C%20Class%20D%20and%20Class%20E%20Solevency%20Requirement%29%20Amendment%20Rules%202025)
was consulted for the asset-and-liability statement correction. Paragraph 7A
addresses Classes C, D and E, excludes insurers carrying on domestic business,
and links submission to the filing date under section 17(4). Its commencement
is 1 January 2026. The original app's unsupported wording "from year-end 2026"
has been removed. The app withholds an automatic calendar date pending
confirmation of the reporting period and exclusion for the particular insurer.

The BMA document index also lists asset-and-liability statement templates and
completion instructions. The indexed 2025 completion-instructions PDF was
located, but its full text was not retrieved in this pass and is not claimed as
fully reviewed. Consult the [BMA reporting forms and guidelines](https://www.bma.bm/documents-centre/documents-reporting-forms-and-guidelines)
for the applicable submission materials.

Source links for sector framework entries now point to the BMA legislation
library instead of using the Insurance Act for non-insurance sectors. A shared
group-rule link is no longer presented as the applicable prudential instrument
for every class. These are discovery links; users must locate the current
sector/class-specific instrument before relying on it. Non-insurance coverage
remains framework-level, with no newly asserted sector-specific filing dates.


## 5. Targeted release verification — 21 September 2026

The following public documents were retrieved again for the release. HTTP success and hashes establish retrieval identity, not legal approval or completeness. See VERIFICATION.md for the exact checked provisions, pending interpretations and implementation cases. Source PDFs and private review notes are excluded from publication.

| Source | Retrieval | SHA-256 |
|---|---|---|
| [Insurance Act 1978 (consolidated to Insurance Amendment (No. 2) Act 2025, effective 7 Jan 2026)](https://www.bermudalaws.bm/Laws/Consolidated%20Law/1978/Insurance%20Act%201978) | 200 · 2026-09-21 | `223519ad4245098128def7248b3206376998ac9a3332e6deefb2a8ea45f34b8d` |
| [Insurance Code of Conduct (revised August 2022)](https://www.bma.bm/viewPDF/documents/2022-08-31-12-35-41-Insurance-Code-of-Conduct--Revised-August-2022.pdf) | 200 · 2026-09-21 | `98cee18ac3f69c4f5059d49f9bd5d7737b227bde13a0e420c5e11b2e2b5ccdce` |
| [Insurance (Prudential Standards) (Recovery Plan) Rules 2024 (BR 41/2024)](https://cdn.bma.bm/documents/2024-05-03-12-00-06-Insurance-Prudential-Standards-Recovery-Plan-Rules-2024.pdf) | 200 · 2026-09-21 | `37f2242a0e4892269beb27410cefa2342b399699b0a980db88041af430ab50cc` |
| [Insurance Sector Operational Cyber Risk Management Code of Conduct (Oct 2020, effective 1 Jan 2021)](https://www.bma.bm/viewPDF/documents/2020-10-06-09-27-29-Insurance-Sector-Cyber-Risk-Management-Code-of-Conduct.pdf) | 200 · 2026-09-21 | `6970ee7b535ec98b2d02848ebcdd8303d0372843326dc32907dc8c6dafdf9da5` |
| [Operational Resilience and Outsourcing Code (September 2025)](https://www.bma.bm/viewPDF/documents/2025-09-15-16-10-28-Operational-Resilience-and-Outsourcing---Code.pdf) | 200 · 2026-09-21 | `e845bf4577b27c7e9fbdbfecb0f8f2e1bd5ef1d403439a6ff4779244204303f4` |
| [CITA — Economic Substance administration and filing transition](https://www.cita.bm/news/cita-new-changes-economic-substance-automatic-exchange-of-information) | 200 · 2026-09-21 | `d9a3ea5eb11067395c56c412c77f62638b977b7e5e919af152aec19780b2f04c` |
| [Economic Substance Act 2018 — verify current requirements and applicability](https://www.bermudalaws.bm/Laws/Consolidated%20Law/2018/Economic%20Substance%20Act%202018) | 200 · 2026-09-21 | `e8af76f6105cc8e1a2aece9994a57f73767de766ff83024243a123dd62e76b01` |
| [BMA Notice — Insurance Groups and Commercial Insurers: Quarterly Financial Return Templates (6 July 2026)](https://cdn.bma.bm/documents/2026-07-06-13-52-39-Notice---2026-June-Quarterly-Financial-Return-PC-and-LT.pdf) | 200 · 2026-09-21 | `6185d4bdc8fe84b89aedc1cc425f318f43e2dfc3820632727fd015c810a46507` |
| [Insurance (Prudential Standards) (Class C, D and E Solvency Requirement) Amendment Rules 2025 (operative 1 Jan 2026)](https://www.bermudalaws.bm/Laws/Annual%20Law/Statutory%20Instruments/2025/Insurance%20%28Prudential%20Standards%29%20%28Class%20C%2C%20Class%20D%20and%20Class%20E%20Solevency%20Requirement%29%20Amendment%20Rules%202025) | 200 · 2026-09-21 | `702b737956f96e3774998225a25a6dc37e7053edd0bf1059cdbd20bec8356aa4` |
| [BMA Fees Effective 1 January 2026 (Fourth Schedule, BMA Act 1969)](https://cdn.bma.bm/documents/2026-03-17-10-11-27-2026-Bermuda-Monetary-Authority-Fees.pdf) | 200 · 2026-09-21 | `19a753d3c6737935c1b19ada54077c805ff7f68614528627c8650558dd2ec731` |
| [BMA Notice — New Policy Implementation: Police Clearance Certificate Requirement for Key Persons (13 August 2026)](https://cdn.bma.bm/documents/2026-08-13-14-53-34-Notice---New-Policy-Implementation---Police-Clearance-Certificate-Requirement-for-Key-Persons.pdf) | 200 · 2026-09-21 | `97d7dbb888bccedaf92d7d542bd01f392523320a3c8bbfd84d71485f75327720` |
| [BMA Consultation Paper — Proposed Amendments to Insurance Code of Conduct, Insurance (Group Supervision) Rules 2011 and Insurance (Prudential Standards) (Insurance Group Solvency Requirement) Rules 2011 (9 June 2026)](https://cdn.bma.bm/documents/2026-06-11-08-45-03-Consultation-Paper---Proposed-Amendments-to-Code-of-Conduct-Group-Supervision-and-Prudential-Standards-Insurance-Group-Solvency-Requirement-Rules-2011.pdf) | 200 · 2026-09-21 | `1925beace27cadce8fc1dd35a8e29f5b7381b3c6ea17ecf1b66e8b9f4a7c7ff9` |
| [BMA Consultation Paper — Proposed Phased Introduction of a Resolution Regime for the Bermuda Commercial Insurance Sector (15 September 2026)](https://cdn.bma.bm/documents/2026-09-15-17-06-59-Consultation-Paper---Proposed-Phased-Introduction-of-a-Resolution-Regime-for-the-Bermuda-Commercial-Insurance-Sector.pdf) | 200 · 2026-09-21 | `6743e0daca28d9d1ba94e29e5b43fe1300546e111c1231cec4b75e6023e0b3e8` |
| [BMA Stakeholder Letter — Consultation on New Insurer Class: Parametric Special Purpose Insurer (16 September 2026)](https://cdn.bma.bm/documents/2026-09-16-10-54-30-Stakeholder-Letter---Consultation-Paper---New-Insurer-Class---Parametric-Special-Purpose-Insurance-16-September-2026.pdf) | 200 · 2026-09-21 | `028600ffdc5cdfeedf845584183ae3e77d1e573e39e27639c80c88d31c245440` |

Economic-substance consolidation now retrieved includes the 2026 Agency amendments; detailed entity applicability/penalties are not comprehensively verified. A current consultation paper is not proof of final issuance. The original broad secondary-source/library coverage remains explicitly limited. No claim is made that all 161 entries have been independently verified.