In our latest installment of “The Standard Formula” podcast, partner Rob Chaplin and associate Ilianna Kotini  discuss the proposals made in the Bermuda Monetary Authority's (BMA) latest consultation paper, which are focused on the BMA’s plan to enhance the regulatory and supervisory regime for commercial insurers and insurance groups. The proposals cover four main areas: changes to the calculations of insurers’ technical provisions, amendments to the computation of the Bermuda Solvency Capital Requirement (BSCR), enhancements to the prudential rules and reporting forms set out in the BMA's section 6(d) framework and revisions to the fees charged to life insurers regulated by the BMA. The BMA's proposals aim to bring the Bermuda regime closer to Solvency II, and are of interest to the entire insurance market, given the amount of business that is reinsured into Bermuda.🗝️ Key Points 🗝️ Top takeaways from this episode ★ Technical Provisions Changes ★ BSCR Enhancements ★ Amendments to Section 6(d) Framework ★ Fee Increases for Long-term Commercial Insurers 💡 Meet Your Host 💡Name: Robert ChaplinTitle: Partner, InsuranceSpecialty: Rob advises on mergers and acquisitions, disposals, joint ventures and regulatory matters, particularly with U.K. and EU Solvency II. He primarily focuses on transactional and advisory work in the insurance sector.Connect: LinkedIn💡 Featured Guest 💡Name: Ilianna KotiniTitle: Associate, Financial InstitutionsWords of wisdom: The BMA's proposals are intended to ensure that the regulatory regime for commercial insurers, regulated in Bermuda, continues to be sound and that the rules in place serve the dual purpose of protecting policyholders while also contributing to financial stability. These changes bring the Bermuda regime closer to Solvency II. The changes are of interest to the entire insurance market, given the amount of business which is reinsured into Bermuda. Clearly any strengthening of the regime may have consequences for insurers and reinsurers worldwide, particularly as to pricing.Connect: LinkedInConnect with Skadden☑️ Follow us on Twitter & LinkedIn.☑️ Subscribe to The Standard Formula on Apple Podcasts, Spotify, Google Podcasts, or your favorite podcast app.The Standard Formula is a podcast by Skadden, Arps, Slate,...

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