On December 23 the Bermuda Monetary Authority (“BMA”) released its regulatory update for the third quarter of 2010. For the insurance sector, the most significant development is the BMA’s announcement that it is extending the transition period for full compliance with the Insurance Code of Conduct. As reported in our previous blog post, the BMA had extended the deadline earlier in the year to March 31, 2011 for captive insurers while commercial insurers were required to be in compliance by December 31, 2010.  The deadline has been extended again, for all insurers, to July 1, 2011 and further guidance will be published by the BMA on March 31, 2011.  After July 1, 2011, insurers’ compliance with the Code of Conduct will be included in the BMA’s regular prudential supervision and on-site reviews of insurance companies.

The regulatory update can be accessed in full by clicking here.