BMA calls on insurers to reveal Ukrainian war exposure
Regulator stresses importance of full disclosure as sanctions kick in
The Bermuda Monetary Authority (BMA) has called on insurers and intermediaries registered on the island to disclose any exposure they have to the ongoing war between Russia and Ukraine.
A wide swathe of sanctions have been brought in by the US, the EU, the UK and other countries against Russia and the BMA said companies must be fully up to date with any extensions to these sanctions.
The BMA is calling on limited-purpose insurers, intermediaries, collateralised insurers and class IIGB insurers that do business with Russia or Ukraine to confirm they have complied with requirements of the minimum criteria for registration.
According to Bermuda’s Insurance Act of 1978, conducting business in a prudent manner means the entity is in compliance with all laws applicable to it, including international sanctions in force in Bermuda.
Any filing registered with the BMA must therefore contain full details of any dealings in the two countries.