The BMA has proposed updates to the public disclosure regime for Bermuda-regulated commercial long-term insurers (excluding domestic insurers). Key goals include improving transparency of asset disclosures and supporting informed decision-making for policyholders.

Key highlights:

• Transparency vs. competitiveness: While stakeholders support transparency, concerns about revealing proprietary strategies were raised. The BMA may allow modified disclosures in exceptional cases.
• Granularity of data: Detailed disclosures, including investment strategies, aim to enhance clarity. A summary sheet will simplify insights for general audiences.
• Operational feasibility: Proportionality will be considered, leveraging existing regulatory data to reduce burdens.
• Duration metrics: Effective duration will replace weighted average life for asset and liability disclosures.

Next steps include publishing draft rules and guidance to ensure compliance. The BMA remains committed to stakeholder collaboration to finalise these enhancements.

BMA’s stakeholder letter can be found here