NO. 992
THE LIQUOR LICENCE ACT, 1974
NOTICE OF HEARING
TAKE NOTICE of a Special Session of The Liquor Licensing Authority for the Central District on the 24th day of January, 2012 at 9:15 a.m. at Hamilton Magistrates’ Court No. 1, to hear the application of SM Holdings Ltd. for the transfer of a Restaurant Licence in respect of Bouchée located at 75 Pitts Bay Road, Pembroke HM 08, from Wilmont C. Simmons to SM Holdings Ltd.
The Manager of the Business is Sara Elaine Masters - Bucci.
Any person ordinarily resident in the Parish or any owner or occupier of any property lying within three hundred yards of the premises in respect of which this application is made may object to the transfer of the license provided written notice containing, in general terms, the grounds of the objection is served on The Chairman of The Liquor Licensing Authority, The Commissioner of Police and The Applicant not less than three days before the hearing.
Wor. Archibald Warner
Chairman
Liquor Licensing Authority
NO. 993
Ministry of Environment, Planning and Infrastructure Strategy
Department of Environmental Protection
Importers of live fish (seafood) are reminded that current licences to ‘Import Live Fish’ will expire on December 31, 2011. Applications to re-license can be undertaken at the Licensing Office at the Department of Environmental Protection located in the Botanical Gardens, Paget from Monday to Friday, 9 am to 5 pm. The fee for an initial licence or a renewal is $84.00
NO. 994
Ministry of Environment, Planning and Infrastructure Strategy
Department of Environmental Protection
The 2012/13 re-licensing period for commercial fishing vessels, ancillary fishing vessels and registered fishermen will commence on January 4, 2012 and continue until the end of March.
All fishing vessels must pass an inspection to ensure conformity to vessel safety regulations prior to the acceptance of an application. Re-licensing fee must accompany the application.
Applications to re-license can be obtained from and submitted to the Licensing Office of the Department of Environmental Protection located in the Botanical Gardens, Paget from Monday to Friday, 9 am to 5 pm.
NO. 995
THE ASSENT OF THE GOVERNOR WAS GIVEN ON THE 21ST DAY OF DECEMBER 2011 TO THE FOLLOWING:
Electronic Monitoring Act 2011
Land Title Registration Act 2011
NO. 996
Acquisition of Land
Notice is hereby given that BELHADRI HAFFAR an Algerian citizen is applying to the Minister responsible for Immigration for sanction to acquire 0.327 of an acre of land together with a dwelling house thereon erected situate at #3 Warwickshire Road in Warwick Parish in joint tenancy with his Bermudian wife ANDREA DENISE HAFFAR.
N.B. Any person who knows why a sanction to acquire property in Bermuda should not be granted to the applicant should send a written statement to the Minister responsible for Immigration, P.O. Box 1364, Hamilton HM FX, no later than the 16th January, 2011.
No. 997
THE COMPANIES ACT 1981
PURSUANT TO SECTION 261
WHEREAS:
1. The Registrar of Companies has reason to believe that the companies specified in the schedule hereto are not carrying on business nor are in operation;
2. The Registrar of Companies sent letters by post to the companies inquiring whether they were carrying on business or were in operation;
3. The Registrar of Companies did not within one month of sending the letter receive any answers thereto and in consequence did send each of the companies a registered letter, referring to the first letter and stating that no answer thereto had been received and that if an answer was not received to the second letter within one month from the date thereof, a Notice would be published in the Gazette with a view to striking off and dissolving the companies;
4. The Registrar of Companies has either received replies stating that the companies are not carrying on business or were not in operation or having received no replies at all, published a Notice dated 22 August 2011 to the effect that at the expiration of three months from the date of the publication of the Notice on 24 August 2011 the companies would, unless cause were shown to the contrary, be dissolved;
5. No cause having been shown to the contrary by the companies below listed within the period of three months of the Notice, dated 24 August 2011 the Registrar of Companies by virtue of the powers vested in him under section 261(5) of the Companies Act 1981 has struck the names of the following companies off the Register.
NOTICE IS HEREBY GIVEN of the said striking off and consequently with effect from the date of publication of this Notice, the companies specified in the Schedule SHALL STAND DISSOLVED.
SCHEDULE:
Alliance Technologies Limited
Allied Entertainment Services Ltd.
Atlantica Intellectual Capital Ltd
AWS LIMITED
BARRINGTON HOLDINGS LIMITED
Bassett Investment Properties Ltd.
Bermazon Limited
BERMUDA AIRWAYS, LIMITED
Bermuda Custom Home Building & Maintenance Ltd.
Bermuda Family Entertainment Ltd
BERMUDA HOME THEATER & AUTOMATION LTD.
Bermuda Mobi International Ltd.
BERMUDA RESORT HOTELS LTD.
Bermuda Solar Energy Utility Ltd.
Bermuda Tuna Ltd.
BORDER LANE LTD.
Brickman Holdings 2 Ltd.
Brickman Properties 2 Ltd.
Broken Arrow Ltd.
B.T.G. Contracting Ltd.
C-10 DEVELOPMENT LIMITED
CAMBRIDGE COURT LIMITED
CAPITAL G Card Services Limited
CEDAR BERMUDA COMPANY, LTD.
CHAINGATE GARDENS LTD.
Christian Bay Development Company Limited
Christian Bay Properties Limited
CIVIL ENGINEERING CONSULTANTS LTD.
COMMERCIAL ENTERPRISES LTD
Compass Holdings Ltd.
CONSERVATION AND CONVERSION TECHNOLOGIES LTD.
Consigliare Holdings Limited
COTSWOLD CO. LTD.
Crucial Solutions Ltd.
Daystar Consulting Ltd.
DEAN ENTERPRISES LIMITED
DECOSTA DEVELOPMENT COMPANY LTD.
DELTA TECHNOLOGIES LIMITED
Diversified Holdings Ltd.
DORWIN PROPERTY MANAGEMENT LTD
Equi Products Bermuda Ltd.
EQUITY SOLUTIONS LIMITED
Evolution Solar (Bermuda) Ltd
FILLMORE LIMITED
First Quadrant Development Ltd.
GEORGE HADLEY GROUP LIMITED
GLASS TECH (BERMUDA) LTD
GRASSHOPPER PROPERTY LTD.
GulfStream Financial Ltd.
H & H CONSTRUCTION CREATIONS LTD.
H R Assist Limited
HAULBOWLINE LIMITED
Helicopter Lease International (Five) Limited
Helicopter Lease International (Four) Limited
Helicopter Lease International Limited
Helicopter Lease International (Three) Limited
Helicopter Lease International (Two) Limited
Hot Fiyah Sounds Entertainment Ltd.
HWDP LTD.
ICSS Ltd.
Image Action Studios Ltd.
Indulto Ltd.
International Your - Electronic Store Ltd.
ISDP Consulting Ltd.
Island Green Ltd.
IslandRealEstates.com Limited
J & E Imports Ltd
THE JANUS COLLECTIVE LTD.
Juniper Ltd.
K C M LIMITED
The Learning Partnership Ltd
Lifetime Pension & Administration Ltd.
LOMEL LTD.
LYNN WAHL DESIGNS LTD.
MAGZONE INTERACTIVE LIMITED
Manna Publications Ltd.
Maudamar Ltd.
MRL Ltd.
MYCAUL DEVELOPMENT LTD.
Offshore Digital Media Holdings Limited
OMANYE ABA LTD
On Track Industries Bermuda Ltd.
ONION IMPORTS LIMITED
PndB HOLDINGS (BERMUDA) LTD.
PURVIS PROJECTS LTD.
Qualey Mews Ltd.
R A S Construction Ltd.
R&T Service Ltd.
Reciprocity Ltd.
RITZON’S LIMITED
RSA Services Ltd.
SAC Surfaces Ltd.
Solar Tex Ltd
Solutions Merchandising Services Ltd.
STAFFORD PAINT LTD.
Sykes Development Ltd.
Vanguard7 Ltd.
We Trade Limited
Weatherbird Trust Co. (PVT.) Ltd.
WESTSIDE TERRACE LTD.
YAHAVA TRUST COMPANY (PVT) LTD.
Stephen Lowe
Registrar of Companies
21 December 2011
NO. 998
Bermuda Police Service
Embodiment of the Bermuda Reserve Police
In accordance with the provisions of section 16 of the Police Act, 1974, His Excellency the Governor, Sir Richard Gozney KCMG, CVO has granted permission for the full embodiment of the Bermuda Reserve Police from Saturday 31st December, 2011 to Sunday 1st January, 2012.
Dated this 22nd day of December, 2011
Sir Richard Gozney KCMG, CVO
Governor
NO. 999
ACTING APPOINTMENT
THE MINISTRY OF BUSINESS DEVELOPMENT AND TOURISM
DIRECTOR OF TOURISM
Mrs. Jasmin Smith, Acting Permanent Secretary, Ministry of Business Development and Tourism, has been appointed to Act as Director of Tourism from 23rd December 2011 to 4th January 2012 (inclusive).
Donald Scott
Secretary to the Cabinet
No. 1000
THE COMPANIES ACT 1981
PURSUANT TO SECTION 261
WHEREAS:
The Registrar of Companies has reasonable cause to believe that the companies specified in the schedule hereto are not carrying on business or are not in operation; accordingly
NOTICE IS HEREBY GIVEN that at the expiration of three months from the date of publication of this Notice the companies listed in the attached Schedule will unless cause is shown to the contrary be STRUCK-OFF the Register and will be DISSOLVED.
SCHEDULE:
Absolute AKJ Limited
Beach Front Holdings Limited
Briethorn Merchant Partners Ltd.
British Caribbean Holdings Limited
Carriage House Limited
Cedar Lane Holding Limited
Cargo Air Finance Limited
Columbia Place Investors Limited
Crescent Investors Limited
Esada Limited
Garfield Terrace Investors Limited
Globe (Bermuda) Ltd.
GLOBAL PROCUREMENT SERVICES LIMITED
Gold Mountain Realty (Bermuda) Ltd.
Gold Mountain Realty Holding of Bermuda Ltd.
Highland Drive Holding Limited
HomeAway Holding Bermuda Limited
Howell View Investors Limited
Island Stream Limited
IWGTB Limited
KEY MARITIME LTD.
LAR INVESTMENTS LIMITED
Old Mutual Group Services Limited
PAGET INVESTMENTS LIMITED
RCG Global Equity Long-Short Fund Ltd.
RCG Global Equity Long-Short (Master GP) Ltd.
Red Barn Limited
RS90 (Offshore) Fund, Ltd.
RS90 Master Fund, Ltd.
RawSpoon Limited
Seneca Station Holding Limited
Spring Street Investments Limited
Suntime Holding Limited
TDT Pain Device Ltd.
Ver-le Crest Holding Limited
Wagum Limited
Wanlida Holdings Company Limited
Zephyr Bay Limited
Stephen Lowe
REGISTRAR OF COMPANIES
21 December 2011
NO. 1001
BERMUDA MONETARY AUTHORITY
INSURANCE ACT 1978
CANCELLATION OF REGISTRATION
UNDER SECTION 41(1)(a)
THE BERMUDA MONETARY AUTHORITY in exercise of the powers conferred upon it by virtue of Section 41(1)(a) of the Insurance Act, 1978 (“the Act”), hereby cancels, at the request of the insurer(s) listed below, the Class 3 Insurer registration granted to the said Agent(s) under the Act:-
Jalic Re Ltd.
BY ORDER OF THE BERMUDA MONETARY AUTHORITY
Leslie L. Robinson
Assistant Director, Insurance
Bermuda Monetary Authority
Dated this 23rd day of December 2011
NO. 1002
LISTING OF PLANNING APPLICATIONS
REGISTERED
From Date: 12/20/2011 To Date: 12/23/2011.
Summary of Application Details
• The applications shown below are available for review during normal working hours at the Department of Planning, 3rd Floor, Dame Lois Browne Evans Building, 58 Court Street, Hamilton HM12.
• Any person wishing to object must do so within 14 days of the date of this publication (January 13, 2012).
• Letters of objection should state any interest which the objector(s) may have in property nearby, supply an address at which notice may be served on the objector(s) and provide a concise statement of the grounds of objection.
• For further information on the objection procedure see the Development and Planning (Applications Procedure) Rules 1997.
Application Application #
Devonshire
Gray, Ms. Patricia P0608/11
8 Devonshire Bay Road, Devonshire
Proposed New Lanai
(Final)
Hamilton
West, Ms. Carol P0597/11
40 Trinity Church Road, Hamilton
Alterations & Additions. New Roof, Verandah, Entry & Laundry.
(Final)
Pembroke
Bermuda Goverment
Ministry of Public Works P0511/11
4 Marsh Folly Road, Pembroke
Proposed Retroactive Oil Storage Building and Retroactive Relocation of Approved Generator Building and Transformer Pad
(Final)
Puckerine, Mrs. Maxine P0598/11
43A Footbridge Lane, Pembroke
Proposed New Two Dwelling Unit.
(Final)
Enterprise Settlement Trust P0604/11
54 St. John’s Road, Pembroke
Proposed Construction of Two-Storey Automotive Showroom, Paint & Body Work and Parts Warehouse Facility
(Final)
Paynter, Mr. Vernon P0606/11
25 Orchard Grove, Pembroke
Proposed Second Storey Addition of Master Bedroom and Retaining Walls (6ft High)
(Final)
Sandys
Lapsley Sonya P0595/11
5 Friendly Lane, Sandys
Proposed Re-Design of Existing Driveway.
(Final)
Ross Paul P0603/11
26 Sound View Road, Sandys
Proposed Renovations and Additions to Existing. Creating a Second Dwelling Unit.
(Final)
Smiths
Lee Robert P0596/11
21 Middle Road, Smiths
Proposed Addition of New Laundry Room. (Listed Building Site)
(Final)
Hammond, Dr./Mrs. P0599/11
22 Harrington Sound Road, Smiths
Proposed Dock and Buttery
(Final)
Wardens of St. Marks P0600/11
51 South Road, Smiths
Proposed Conservation Management Plan to Create a Community Garden. (Listed Building Site)
(Final)
Southampton
McHardy, Ms. Hattie P0605/11
19 Leacraft Hill Road, Southampton
Proposed Additions of Second (2nd), Third (3rd), and Fourth (4th) Dwelling Units
(Final)
Lee, Mr. Stanley P0607/11
27 West Avenue, Southampton
Proposed Demolition Of Existing Three (3) Dwelling Unit Building to Create New Six Dwelling Units
(Final)
St. George’s
Evans, Mr./Mrs. Kuhn P0602/11
2 Ferry Close, St. George’s
Proposed Additions to Include Garage and Terrace on Lower and Study and Terrace on Upper.
(Final)
JEM Trust S0061/11
5 Sunny Lane &
Lot # 7 Sunny Lane, St. George’s
Proposed Grant of Right of Way to Both #5 & Lot #7 for Designated Parking.
(Final Plan)
Warwick
Ming, Mr./Mrs. Frank P0601/11
11 Purvis Estate Road, Warwick
Proposed Renovations and Two Storey Addition to Create a Third Dwelling Unit.
(Final)
No. 1003
ACTING APPOINTMENT
Ministry of Education
PERMANENT SECRETARY
Mrs. Wendy McDonell, Commissioner of Education has been appointed to act as Permanent Secretary for the Ministry of Education for the period January 3, 2012 to January 6, 2012.
Donald Scott
Head of the Civil Service
BERMUDA
MARINE BOARD (FERRY SERVICES FARES)
AMENDMENT (NO. 2) REGULATIONS 2011
BR 71/ 2011
The Minister responsible for Transport, in exercise of the powers conferred by section 97 of the Marine Board Act 1962, makes the following Regulations:
Citation
1 These Regulations which amend the Marine Board (Ferry Services Fares) Regulations 1992 (“the principal Regulations”) may be cited as the Marine Board (Ferry Services Fares) Amendment (No. 2) Regulations 2011.
Amends Regulation 1A
2 The principal Regulations are amended in regulation 1A, by deleting paragraphs (1) and (2) and substituting the following—
“In these regulations—
“Bermudian” means a person who has Bermudian status under the Bermuda Immigration and Protection Act 1956;
“child” means a person who has attained the age of five years but has not attained the age of 16 years;
“school ”means any school or other educational institution approved by the Minister responsible for Education;
“student” means any person under the age of 19 years who is enrolled in school; and
“student pass” means a pass issued by the Department, free of charge, for a fixed period in respect of any journey, to—
(a) a student of Bermuda; or
(b) a Bermudian, who is under the age of 19 years and who is a student overseas.”.
Amends Part B of the Schedule
3 The principal Regulations are amended in Part B of the Schedule—
(a) in paragraph 1 (Tokens), by deleting “$5.00” and substituting “$3.25”;
(b) by deleting paragraph 4 (Persons holding passes) and substituting the following—
“ 4 Persons holding passes—
(a) Monthly $70.00
(b) Quarterly $170.00
(c) Student Free
(d) Persons holding multi-day passes—
(i) travel for 1 day
Adult $15.00
Child $7.50
(ii) travel for 3 days
Adult $35.00
Child $17.50
(iii) travel for 4 days
Adult $44.00
Child $22.00
(iv) travel for 7 days
Adult $56.00
Child $28.00 ”; and
(b) by deleting the following expressions—
The expression “student” means a person bona fide attending any school on a full-time basis as a pupil or student.
The expression “child” means a person of or above the age of five years and under sixteen years of age.
Commencement
4 These Regulations shall come into force on 2 January 2012.
Made this 22nd day of December 2011
Minister of Transport
BERMUDA
INSURANCE (PRUDENTIAL STANDARDS)
(CLASS E SOLVENCY
REQUIREMENT) RULES 2011
BR 72/ 2011
TABLE OF CONTENTS
1 Citation
2 Interpretation
3 ECR
4 BSCR model
5 Approved internal capital model
6 Capital and solvency return
7 Declaration of capital and solvency returns
8 Offences
9 Commencement
SCHEDULES
The Bermuda Monetary Authority, in exercise of the powers conferred by section 6A of the Insurance Act 1978, makes the following Rules—
Citation
1 These Rules may be cited as the Insurance (Prudential Standards) (Class E Solvency Requirement) Rules 2011.
Interpretation
2 In these Rules—
“Act” means the Insurance Act 1978;
“accident and health insurance” means an insurance that pays a benefit or benefits in the event of the person insured incurring an insured injury, illness or infirmity;
“annuity” means insurance that provides savings or income benefits during the lifetime of the person insured or some limited period thereafter;
“approved internal capital model” means an internal capital model approved under paragraph 5;
“available statutory capital and surplus” has the meaning given in section 1(1) of the Act;
“business continuity risk” includes a risk of an event that threatens or disrupts an insurer’s continuous operations;
“business processes risk” includes a risk of errors arising from data entry, data processing, or application design;
“Class E BSCR model” means the Bermuda Solvency Capital Requirement model established in accordance with paragraph 4 and Schedule I which is applicable to all Class E insurers;
“compliance risk” includes a risk of legal or regulatory breaches or both;
“credit risk” includes the risk of loss arising from an insurer’s inability to collect funds from debtors;
“critical illness insurance” means a form of accident and health insurance that pays a benefit if the person insured incurs a predefined major illness or injury;
“disability income insurance” means a form of accident and health insurance that pays a benefit for a fixed period of time during disability;
“distribution channel risk” includes a risk of disruption to an insurer’s distribution channel arising from employment of inexperienced or incapable brokers or agents;
“ECR” means the enhanced capital requirement as defined in section 1(1) of the Act;
“encumbered assets” means assets held for security or as collateral against a liability or contingent liability of the insurer or other person or any other use restriction, excluding encumbered assets for policyholder obligations of the insurer;
“encumbered assets for policyholder obligations” means the total assets held for security or as collateral or otherwise restricted to meet the liabilities to the policyholders of the insurer in the event of a loss;
“Form 4” means Form 4 set out in Schedule 1 of the Insurance Accounts Regulations 1980;
“fraud risk” includes a risk of misappropriation of assets, information theft, forgery or fraudulent claims;
“group life, health and disability insurance” means insurance that is issued to insureds through a group arrangement such as through an employer or association;
“group risk” means any risk of any kind, arising from membership of a group;
“human resources (or “HR”) risk” includes a risk of employment of unethical staff, inexperienced or incapable staff, failure to train or retain experienced staff, and failure to adequately communicate with staff;
“information technology (or “IT”) risk” includes a risk of unauthorized access to systems and data, data loss, utility disruptions, software and hardware failures, and inability to access information systems;
“insurance rate risk” means the risk of fluctuations or deterioration in the experience affecting the cost of benefits payable to policyholders or impacting upon the amounts held to provide for policyholder obligations;
“interest risk” means the risk that relates to asset values being adversely affected by changes in current interest rates;
“legal risk” means the risk arising from an insurer’s failure to—
(a) comply with statutory or regulatory obligations;
(b) comply with its bye-laws; or
(c) comply with any contractual agreement;
“life insurance” means insurance of risks on the mortality (risk of death) of the life insured; and term insurance, whole life insurance, and universal life insurance are construed accordingly;
“liquidity risk” means—
(a) the risk that may arise when the realizable value of assets may be insufficient to meet an insurer’s obligations to policyholders at a point in time; or
(b) an insurer’s inability to meet such obligations except at excessive cost;
“longevity risk” means the risk of fluctuations or improvements in mortality that cause benefits to be paid for longer than expected;
“market risk” means the risk arising from fluctuations in values of, or income from, assets or in interest rates or exchange rates;
“morbidity risk” means the risk of fluctuations or deterioration of morbidity experience causing increased claims on accident and health insurance coverages;
“mortality risk” means the risk of fluctuations or deterioration of mortality experience causing increased claims on life insurance coverages;
“operational risk” means the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events, including legal risk;
“outsourcing risk” includes a risk of miscommunication of responsibilities in relation to outsourcing, breach of outsource service agreements, or entering into inappropriate outsource service agreements;
“relevant year” in relation to an insurer, means its financial year;
“reputational risk” includes risk of adverse publicity regarding an insurer’s business practices and associations;
“stop loss insurance risk” means the risk that arises when total claims experience deteriorates or is more volatile than expected, thereby increasing the likelihood and amount by which actual claims experience exceeds a predefined level;
“strategic risk” means the risk of an insurer’s inability to implement appropriate business plans and strategies, make decisions, allocate resources, or adapt to changes in the business environment;
“Tail Value-at-Risk (or “TVaR”)” means the conditional average potential given that the loss outcome exceeds a given threshold;
“variable annuity guarantees” means insurance that provides a minimum investment performance guarantee on variable annuities.
ECR
3 (1) An insurer’s ECR shall be calculated at the end of its relevant year by reference to the following—
(a) the Class E BSCR model; or
(b) an approved internal capital model,
provided that the ECR shall at all times be an amount equal to, or exceeding, the minimum
margin of solvency (as provided in section 6 of the Act).
(2) The ECR applicable to an insurer shall be—
(a) the ECR as calculated at the end of its most recent relevant year; or
(b) the ECR calculated after an adjustment has been made by the Authority under section 6D of the Act and has not been otherwise suspended under section 44A(4) of the Act,
whichever is later.
(3) Every insurer shall maintain available statutory capital and surplus to an amount that is equal to or exceeds the value of the ECR.
(4) Available statutory capital and surplus is determined by calculating the total capital and surplus reported on Form 4, Line 40 and—
(a) adding 50% of the amount of the Total Bermuda Statutory Reserves reported on Schedule VII, column (1);
(b) less 50% of the amount of the Total Reported Deferred Acquisition Costs reported on Schedule VII, column (2);
(c) less 50% of the amount of the Total Best Estimate Reserves with a minimum amount of zero reported on Schedule VII, column (4).
(5) Notwithstanding subparagraph (4), the ECR shall be phased in over a period of three years as follows—
(a) the applicable ECR for the financial year ending 2011 shall be 50% of the amount determined by Schedule I or an approved internal capital model;
(b) the applicable ECR for the financial year ending 2012 shall be 75% of the amount determined by Schedule I or an approved internal capital model; and
(c) the applicable ECR for the financial year ending 2013 and beyond shall be the full amount determined by Schedule I or an approved internal capital model.
BSCR model
4 The Class E BSCR model, set out Schedule I, has effect.
Approved internal capital model
5 (1) An insurer may apply to the Authority for approval of an internal capital model to be used in substitution of the Class E BSCR model.
(2) Where the Authority is satisfied, having regard to subparagraph (3) that it is appropriate to do so, it may approve the internal capital model and may make its approval subject to conditions.
(3) In considering an application for approval of an internal capital model the Authority shall have regard to the following matters—
(a) the appropriateness of the internal capital model for the determination of the insurer’s capital requirement;
(b) the extent to which the internal capital model has been integrated into the insurer’s risk management program; and
(c) the appropriateness of controls applicable to the creation and maintenance of the insurer’s internal capital model.
(4) The Authority shall serve notice on an insurer of the following matters—
(a) its decision to approve the internal capital model; or
(b) its decision to not approve the internal capital model and the reason for its decision.
(5) An insurer served with a notice under subparagraph (4)(b) may, within a period of 28 days from the date of the notice, make written representations to the Authority; and where such representations have been made, the Authority shall take them into account in deciding whether to confirm its decision not to approve the insurer’s internal capital model.
(6) The Authority may revoke the approval given under subparagraph (2) if satisfied that the insurer has breached a condition of the approval, or where the approved internal capital model is deemed by the Authority no longer appropriate for the determination of the ECR.
(7) The Authority shall serve notice on the insurer of its proposal to revoke its approval of the insurer’s internal capital model and the reason for its proposal.
(8) An insurer served with a notice under subparagraph (7) may, within a period of 28 days from the date of the notice, make written representations to the Authority; and where such representations have been made, the Authority shall take them into account in deciding whether to revoke its approval.
Capital and solvency return
6 (1) Schedules II, IV(A), V, VI, VII, VIII, IX and XII have effect.
(2) Every insurer shall make a capital and solvency return to the Authority in accordance with Schedules I, II, IV(A), V, VI, VII, VIII, IX and XII.
(3) A capital and solvency return shall comprise the following—
(a) both an electronic version and a printed version of the Class E BSCR model;
(b) printed versions of the returns prescribed in Schedules II, IV(A), V, VI, VII, VIII, IX and XII; and
(c) where applicable, a printed copy of an approved internal capital model.
(4) An insurer shall, on or before its filing date, furnish the Authority with its capital and solvency return.
(5) An insurer shall keep a copy of its capital and solvency return at its principal office for a period of five years, beginning with its filing date, and shall produce it to the Authority if so directed by the Authority on or before a date specified in the direction.
(6) In this paragraph, “filing date” has the meaning given in section 17(4) of the Act.
Declaration of capital and solvency returns
7 Every capital and solvency return made by an insurer under paragraph 6 shall be accompanied with a declaration signed by two directors of the insurer and by the insurer’s principal representative declaring that to the best of their knowledge and belief, the return fairly represents the financial condition of the insurer in all material respects.
Offences
8 Every person who knowingly or recklessly makes a false or misleading statement or return is guilty of an offence and is liable on summary conviction to a fine up to $50,000.
Commencement
9 These Rules come into operation on 31 December 2011.
SCHEDULES
The Schedules to these Rules have been omitted.
They are available for inspection at the offices of the Bermuda Monetary Authority
or on the website www.bma.bm
Made this 23rd day of December 2011
Chairman
The Bermuda Monetary Authority
BERMUDA
INSURANCE (PRUDENTIAL STANDARDS) (CLASS 3A SOLVENCY
REQUIREMENT) RULES 2011
BR 73/ 2011
TABLE OF CONTENTS
1 Citation
2 Interpretation
3 ECR
4 BSCR-SME model
5 Approved internal capital model
6 Capital and solvency return
7 Commencement
SCHEDULES
The Bermuda Monetary Authority, in exercise of the powers conferred by section 6A of the Insurance Act 1978, makes the following Rules:
Citation
1 These Rules may be cited as the Insurance (Prudential Standards) (Class 3A Solvency Requirement) Rules 2011.
Interpretation
2 In these Rules—
“Act” means the Insurance Act 1978;
“approved internal capital model” means a model approved under paragraph 5;
“available statutory capital and surplus” has the meaning given in section 1(1) of the Act;
“BSCR-SME model” means the Bermuda Solvency Capital Requirement - Small and Medium-Sized Entities model referred to in paragraph 4 and Schedule I;
“catastrophe risk” means the risk of a single catastrophic event or series of catastrophic events that lead to a significant deviation in actual claims from the total expected claims;
“concentration risk” means the risk of exposure to losses associated with inadequate diversification of portfolios of assets or obligations;
“credit risk” includes the risk of loss arising from an insurer’s inability to collect funds from debtors;
“ECR” means the enhanced capital requirement as defined in section 1(1) of the Act;
“encumbered assets” means assets held for security or as collateral against a liability or contingent liability of the insurer or other person or any other use restriction, excluding encumbered assets for policyholder obligations of the insurer;
“encumbered assets for policyholder obligations” means the total assets held for security or as collateral or otherwise restricted to meet the liabilities to the policyholders of the insurer in the event of a loss;
“Form 1A” means the Statutory Balance Sheet set out in Schedule I of the Insurance Accounts Regulations 1980;
“Form 2A” means the Statutory Statement of Income (General Business) set out in Schedule I of the Insurance Accounts Regulations 1980;
“Form 8” means the Statutory Statement of Capital and Surplus set out in Schedule I of the Insurance Accounts Regulations 1980;
“group risk” means any risk of any kind, arising from membership of a group;
“insurance underwriting risk” means any or all of the following—
(a) premium risk;
(b) reserve risk; or
(c) catastrophe risk;
“legal risk” means the risk arising from an insurer’s failure to comply with—
(a) a statutory or regulatory obligation;
(b) its bye-laws; or
(c) its contractual agreement;
“liquidity risk” means the risk arising from an insurer’s inability to meet its obligations as they fall due, or to meet such obligations except at excessive cost;
“market risk” means the risk arising from fluctuations in—
(a) the value of assets or interest rates or exchange rates; or
(b) income from assets or interest rates or exchange rates;
“operational risk” means the risk of loss resulting from inadequate or failed internal processes, people and systems or from external events, including legal risk;
“premium risk” means the risk that premium is insufficient to meet future obligations;
“relevant year” in relation to an insurer, means its financial year;
“reputational risk” includes risk of adverse publicity regarding an insurer’s business practices and associations;
“reserve risk” means the risk that an insurer’s reserves may be insufficient to satisfy its obligations;
“strategic risk” means the risk of an insurer’s inability to implement appropriate business plans and strategies, make decisions, allocate resources, or adapt to changes in the business environment;
“tail value-at-risk” (or “TVaR”) means the conditional average potential given that the loss outcome exceeds a given threshold.
ECR
3 (1) An insurer’s ECR shall be calculated at the end of its relevant year by reference to—
(a) the BSCR-SME model; or
(b) an approved internal capital model,
provided that the ECR shall at all times be an amount equal to or exceeding the minimum margin of solvency, as prescribed by section 6 of the Act.
(2) The ECR applicable to an insurer shall be—
(a) the ECR calculated at the end of its most recent relevant year; or
(b) the ECR calculated after an adjustment has been made by the Authority under section 6D of the Act and has not otherwise been suspended under section 44A(4) of the Act,
whichever is later.
(3) Every insurer shall maintain available statutory capital and surplus to an amount that is equal to or exceeds the value of the ECR.
(4) Notwithstanding subparagraph (3), the ECR shall be phased in over a period of three years as follows—
(a) the applicable ECR for the financial year ending 2011 shall be 50% of the amount determined by Schedule I or an approved internal capital model;
(b) the applicable ECR for the financial year ending 2012 shall be 75% of the amount determined by Schedule I or an approved internal capital model; and
(c) the applicable ECR for the financial year ending 2013 and beyond shall be the full amount determined by Schedule I or an approved internal capital model.
BSCR-SME model
4 The BSCR-SME model, set out in Schedule I, has effect.
Approved internal capital model
5 (1) An Insurer may apply to the Authority for approval of an internal capital model to be used in substitution of the BSCR-SME model.
(2) Where the Authority is satisfied, having regard to subparagraph (3) that it is appropriate to do so, it may approve the internal capital model and may make its approval subject to conditions.
(3) In considering an application for approval of an internal capital model the Authority shall have regard to the following matters—
(a) the appropriateness of the internal capital model for the determination of the insurer’s capital requirement;
(b) the extent to which the internal capital model has been integrated into the insurer’s risk management program; and
(c) the appropriateness of controls applicable to the creation and maintenance of the insurer’s internal capital model.
(4) The Authority shall serve notice on an insurer of the following matters—
(a) its decision to approve the internal capital model; or
(b) its decision to not approve the internal capital model and the reason for its decision.
(5) An insurer served with a notice under subparagraph (4)(b) may, within a period of 28 days from the date of the notice, make written representations to the Authority; and where such representations have been made, the Authority shall take them into account in deciding whether to confirm its decision not to approve the insurer’s internal capital model.
(6) The Authority may revoke the approval given under subparagraph (2) if satisfied that the insurer has breached a condition of the approval, or where the approved internal capital model is deemed by the Authority as no longer appropriate for determining the ECR.
(7) The Authority shall serve notice on the insurer of its proposal to revoke its approval of the insurer’s internal capital model and the reason for its proposal.
(8) An insurer served with a notice under subparagraph (7) may, within a period of 28 days from the date of the notice, make written representations to the Authority; and where such representations have been made, the Authority shall take them into account in deciding whether to revoke its approval.
Capital and solvency return
6 (1) Schedule II, III, IV, V, VI, VII, VIII and X to these Rules have effect.
(2) Every insurer shall make a capital and solvency return to the Authority which shall comprise the following documents—
(a) both an electronic version and a printed version of the BSCR-SME model and the returns prescribed under Schedules II, III, IV, V, VI, VII, VIII and X; and
(b) where applicable, a printed copy of an approved internal capital model.
(3) An insurer shall, on or before its filing date, furnish the Authority with its capital and solvency return.
(4) An insurer shall keep a copy of its capital and solvency return at its principal office for a period of five years beginning with its filing date, and shall produce a copy of the return to the Authority, if so directed by the Authority, on or before a date specified in the direction.
(5) In this paragraph, “filing date” has the meaning given in section 17(4) of the Act.
Commencement
7 These Rules come into operation on 31 December 2011.
SCHEDULES
The Schedules to these Rules have been omitted.
They are available for inspection at the offices of the Bermuda Monetary Authority
or on the website www.bma.bm
Made this 23rd day of December 2011
Chairman
The Bermuda Monetary Authority
BERMUDA
INSURANCE (PRUDENTIAL STANDARDS)
(CLASS 4 AND CLASS 3B SOLVENCY
REQUIREMENT) AMENDMENT RULES 2011
BR 74/ 2011
TABLE OF CONTENTS
1 Citation
2 Amends paragraph 2
3 Amends paragraph 3
4 Amends paragraph 5
5 Amends paragraph 6
6 Inserts paragraph 6AB
7 Amends Schedule I
8 Amends Schedule V
9 Amends Schedule VII
10 Amends Schedule X
11 Commencement
The Bermuda Monetary Authority, in exercise of the powers conferred by section 6A of the Insurance Act 1978, makes the following Rules:
Citation
1 These Rules, which amend the Insurance (Prudential Standards) (Class 4 and Class 3B Solvency Requirement) Rules 2008 (the “principal Rules”), may be cited as the Insurance (Prudential Standards) (Class 4 and Class 3B Solvency Requirement) Amendment Rules 2011.
Amends paragraph 2
2 The principal Rules are amended in paragraph 2 by inserting the following in their proper alphabetical order—
“ “double or multiple gearing” means the same capital being used towards satisfying regulatory capital requirements in two or more entities;
“interest rate risk” means the risk that asset values are adversely affected by changes in current interest rates;
“material intra-group transaction” means—
(a) an intra-group transaction where the total value is greater than or equal to 5% of the insurer’s available capital and surplus;
(b) a series of linked intra-group transactions that have a cumulative value that is greater than or equal to 10% of the insurer’s available capital and surplus; or
(c) an intra-group transaction where the qualitative risk characteristics of an intra-group transaction are assessed as high risk (including liquidity and solvency risk implications) and may adversely impact existing policyholders even though the quantitative impact remains unknown;”.
Amends paragraph 3
3 The principal Rules are amended in paragraph 3 by revoking subparagraph (2)(b) and replacing it with the following—
“(b) the ECR calculated after an adjustment has been made by the Authority under section 6D and has not otherwise been suspended under section 44A (4) of the Act,”.
Amends paragraph 5
4 The principal Rules are amended in paragraph 5(6) by inserting after “approval” at its second occurrence the words “, or where the approved internal capital model is deemed by the Authority no longer appropriate for the determination of the ECR”.
Amends paragraph 6
5 The principal Rules are amended in paragraph 6 by revoking subparagraph (5).
Inserts paragraph 6AB
6 The principal Rules are amended by inserting after paragraph 6A the following—
“Quarterly financial return
6AB (1) Every insurer that is not a member of a group for which the Authority is the group supervisor shall prepare and file annually, quarterly financial returns no later than the end of the months of—
(a) May for the first quarter;
(b) August for the second quarter; and
(c) November for the third quarter.
(2) An insurer’s quarterly financial return shall comprise the following—
(a) quarterly unaudited financial statements in respect of its business for each financial quarter, such statements should be the most recent produced by the insurer, and must not reflect a financial position that exceeds two months; and
(b) intra-group transactions and risk concentrations which include—
(i) a list of material intra-group transactions;
(ii) details of material intra-group transactions including (where applicable)—
(A) exposure value (face value and market value, if the latter is available);
(B) counterparties involved including where they are located;
(C) summary details of the transactions including purpose, terms and transaction costs;
(D) duration of the transaction; and
(E) performance triggers;
(iii) details surrounding all intra-group reinsurance and retrocession arrangements including—
(A) aggregated values of the exposure limits (gross and net) by counterparties broken down by counterparty rating;
(B) aggregated premium flows between counterparties (gross and net);
(C) the proportion of the insurer’s insurance business exposure covered by internal reinsurance, retrocession and other risk transfer arrangements; and
(D) counterparties involved including where they are located; and
(iv) the ten largest exposures to counterparties and any other counterparty exposures exceeding 10% of the insurer’s statutory capital and surplus, including—
(A) name of counterparty, including where they are located;
(B) exposure values (face value and market value); and
(C) transaction type.
(3) Quarterly unaudited financial statements shall minimally include a balance sheet and income statement.
(4) The information required to be included in the quarterly unaudited financial statements shall be information calculated to fulfil (in addition to any other purposes for which these Rules may require) the following purposes—
(a) to give as early warning as possible to any person examining the statements (whether by way of notice of the observance or nonobservance by the insurer of any ECR, or in any other way) of any financial or operational difficulties into which the insurer’s business has fallen or might appear likely to fall; and
(b) to provide the basis on which the Authority or any other authority may in good time take action under the Act or any other statutory provision to exercise any statutory power available to it for the safeguarding of any element of the public interest involved in or affected by the insurer’s business.”.
Amends Schedule I
7 The principal Rules are amended in Table 3 of Schedule I—
(a) in the heading by deleting “120” and substituting “200”; and
(b) in column 4 by deleting “1.2%” where ever it occurs and substituting “2.0%”.
Amends Schedule V
8 (1) The principal Rules are amended in Schedule V under the heading “SCHEDULE OF RISK MANAGEMENT”—
(a) in paragraph (b) by inserting after “exposures” the words “and risk concentrations”;
(b) in paragraph (n) by deleting the word “and”;
(c) in paragraph (o) by deleting “the risk register” and substituting “exposure territories; and”; and
(d) by inserting after paragraph (o) the following—
“(p) the risk register;”.
(2) The principal Rules are amended in Schedule V under the heading “INSTRUCTIONS AFFECTING SCHEDULE V”—
(a) in paragraph (a) by inserting after “governance” the words “and group”;
(b) in paragraph (a)(i) by inserting after “including” the word “names,”;
(c) in paragraph (a)(i) by deleting the word “and” where it last occurs;
(d) in paragraph (a)(ii) by inserting after “sub-committees;” the word “and”;
(e) by inserting after paragraph (a)(ii) the following—
“(iii) name of the jurisdiction(s) where the group’s board of directors primarily deliberates on matters including—
(A) setting strategic decision;
(B) determining the (re)insurer’s risk appetite;
(C) choice of corporate structure, including amalgamations, acquisitions and strategic alliances;
(D) choice of new lines of business, new products, marketplace positioning; and
(E) assessing solvency needs;
(iv) name of the jurisdictions where the group’s board of directors and chief and senior executives primarily reside;
(v) name of the jurisdictions where the group’s central control functions reside (i.e., group finance, actuarial, and risk management);
(vi) the group’s financial position based on its most recent audited general purpose financial statement regarding its—
(A) total assets;
(B) total reserves; and
(C) capital and surplus;
(vii) name of insurers within the group that have the three highest—
(A) total asset value;
(B) total insurance reserve value; and
(C) total capital and surplus based on the group’s most recent audited general purpose financial statements;
(viii) the total values for subparagraph (vii)(A), (B) and (C);
(ix) the jurisdiction of incorporation of each insurer in (vii);
(x) any events which have occurred or decisions made subsequent to the relevant year-end that would, or have, materially changed the information in subparagraphs (iii) through (ix) (e.g., amalgamation or acquisition or restructuring, etc.). Provide a detailed response and explanation; and
(xi) a copy of the latest group organizational chart;”;
(f) by inserting after paragraph (b) the following—
“(ba) the disclosures required to be made in relation to material transactions of intra-group exposures between the insurer and other members of the group to which it belongs; all intra-group reinsurance and retrocession arrangements, and the ten largest exposures to counterparties and any other counterparty exposures exceeding 10% of the insurer’s statutory capital and surplus under paragraph (b), shall be the same disclosures required to be made under paragraph 6AB(2)(b);”;
(g) in paragraph (g) by deleting “model;” and substituting the words “model. The documentation used to derive the gross probable maximum loss must be retained for at least five years, once a capital and solvency return has been filed in accordance with paragraph 6, at the registered office of the insurer and shall be presented to the Authority upon request;”;
(h) in paragraph (h) by deleting “model;” and substituting the words “model. The support documentation used to derive the net probable maximum loss must be retained for at least five years, once a capital and solvency return has been filed in accordance with paragraph 6, at the registered office of the insurer and shall be presented to the Authority upon request;”; and
(i) in paragraph (i)—
(i) by deleting the word “and” at its last occurrence in subparagraph (i);
(ii) by inserting “and” at the end of subparagraph (ii); and
(iii) by inserting the following after subparagraph (ii);
“(iii) the support documentation must be retained for at least five years, once a capital and solvency return has been filed in accordance with paragraph 6, at the registered office of the insurer and shall be presented to the Authority upon request;”.
Amends Schedule VII
9 The principal Rules are amended in Schedule VII by revoking and replacing Table 8 with the following—
“Table 8
CISSA Capital Summary
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Risk categories
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(a) CISSA capital
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(b) Regulatory capital
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Premium risk
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|
|
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Reserve risk
|
|
|
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Catastrophe risk
|
|
|
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Market risk
|
|
|
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Credit risk
|
|
|
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Liquidity risk
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|
|
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Group, Concentration, Reputational and Strategic risk
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|
|
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Other (specify)
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|
|
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Total capital pre-diversification between risk categories
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|
|
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Diversification credit between risk categories
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|
|
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Total capital after diversification between risk categories before operational risk
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|
|
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Operational risk
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|
|
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Total capital after diversification and operational risk
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|
|
Where:
(a) CISSA capital is the amount of capital the insurer has determined that it requires to achieve its strategic goals upon undertaking an assessment of all material (reasonably foreseeable) risks arising from its operations or operating environment; and
(b) Regulatory capital is determined by the BSCR or an approved internal capital model at 99.0% Tail Value-at-Risk (“TVaR”) over a one year time horizon.
ADDITIONAL INFORMATION
1. What is the primary reason(s) (select multiple responses where applicable) for aiming at the disclosed CISSA amount?:
• target agency rating (e.g. “A-”, “AA”, etc);
• market share;
• business expansion;
• nature of product(s) (e.g. risk characteristics);
• manage downgrade risk;
• regulatory capital requirements; and
• others _____________________ (Provide a description)
2. What methodology is used to aggregate the risk categories in deriving the CISSA capital? (Select all that apply)
• correlation matrix;
• linear correlations;
• T copulas;
• gumbel copulas;
• clayton copulas;
• causal drivers approach eg., inflation, cycles; and
• others _______________________ (Provide a description)
3. What contingency plans are in place for raising additional capital under stress situations? (select all that apply)
• parental guarantees;
• revolving letters of credit;
• issue subordinated debt;
• issue preference shares;
• float additional shares;
• capital injections from parent;
• contingent surplus notes;
• catastrophe derivatives (e.g. bonds, swaps and options); and
• Others
4. Does the insurer have arrangements or contractual commitments, including forward purchase agreements or guarantees, to provide support to affiliates or other companies in stressed situations? (Yes or No)
If yes, briefly describe the arrangement(s) and the aggregate exposure.
5. Has the insurer down streamed debt to establish equity positions (participations) or, engaged in double or multiple gearing? (Yes or No)
If yes, provide details and amount of capital.
6. Has debt been down streamed to establish equity positions in the insurer, or is the insurer using capital that is double or multiple geared? (Yes or No)
If yes, provide details and amount of capital. ”.
Amends Schedule X
10 The principal Rules are amended by revoking and replacing Schedule X with the following—
“SCHEDULE X
(Paragraph 6)
SCHEDULE OF ELIGIBLE CAPITAL
The schedule of eligible capital shall provide particulars of the following matters—
(a) Tier 1, Tier 2 and Tier 3 eligible capital (Table 9); and
(b) particulars of each capital instrument approved by the Authority as “Any other fixed capital” (in accordance with Form 8, Line 1(c) under the Insurance Accounts Regulations 1980).
Table 9
Total statutory capital and surplus (Form 8, Line 3)
Less: Encumbered assets (not securing policyholder obligations)
Subtotal:
Tier 1 - Basic Capital
(a) Fully paid shares (Form 8, Line 1(a)(i))
(b) Contributed surplus or share premium (Form 8, Line 1(b))
(c) Statutory surplus - End of Year (Form 8, Line 2(h) (deficit) or retained earnings)
(d) Capital adjustments
(e) Hybrid capital instruments: Non-cumulative, perpetual or fixed term preference shares - Qualifying
(f) Other:
(g) Less: Treasury shares (Form 8, Line 1(a)(iii))
(h) Less: Difference between encumbered assets for policyholder obligations (Notes to Form 1A, Line 15), including funds held by ceding reinsurers (Form 1A, Line 12(c)) and policyholder obligations (Form 1A, Lines 16, 17(a) and 18) – Encumbered assets for policyholder obligations (Notes to Form 1A, Line 15), including funds held by ceding reinsurers (Form 1A, Line 12(c))
Less: Policyholder obligations (Form 1A, Lines 16, 17(a) and 18)
(i) Less: Encumbered assets not securing policyholder obligations
(j) Less: Restricted assets in excess of capital requirements to the extent that these amounts are not included in encumbered assets both for policyholder obligations and not for policyholder
Tier 1 - Anciliary Capital
(a) Perpetual or fixed term subordinated debt (Form 8, Line 1(c))
Total Tier 1 Available Capital
Tier 2 - Basic Capital
(a) Hybrid capital instruments:
Cumulative preference shares
(b) Other:
(c) Add: Difference between encumbered assets for policyholder
Obligations (Part II, Note 1 of the Notes to the Statutory Financial
Statements), including funds held by ceding reinsurers (Form 1A, Line 12) and policyholder obligations (Form 1A, Lines 16, 17(a) and 18) deducted from Tier 1 (if it qualifies)
Tier 2 - Anciliary Capital
(a) Unpaid and callable common shares (Form 8, Line 1(c))
(b) Qualifying unpaid and callable hybrid capital (Form 8, Line 1(c)
(c) Qualifying unpaid and callable non-cumulative, perpetual preference shares (Form 8, Line 1(c))
(d) Perpetual or fixed term subordinated debt (Form 8, Line 1(c))
(e) Approved letters of credit (Form 8, Line 1(c))
(f) Approved guarantees (Form 8, line 1(c))
Total Tier 2 Available Capital
Total 3 - Basic Capital
(a) Short-term hybrid capital instruments cumulative preference shares
(b) Short-term subordinated debt
Tier 3 - Anciliary Capital
(a) Short-term subordinated debt (Form 8, Line 1(c))
(b) Approved letters of credit (Form 8, Line 1(c))
(c) Approved guarantees (Form 8, Line 1(c))
Total Tier 3 Available Capital
Total available capital and surplus
Regulatory Capital Level
Minimum Margin of Solvency
Enhanced Capital Requirement
Instructions Affecting Table 9
Table 9 inputs are subject to any eligible capital rules prescribed by the Authority under section 6A of the Act.
The insurer shall include all components of total statutory capital and surplus (Form 8, Line 3 of the Insurance Accounts Regulations 1980) subject to adjustments made under section 6D of the Act in Table 10 in accordance with the provisions of any eligible capital rules prescribed by the Authority under section 6A of the Act.
For the Tier 1 capital, to calculate the “Difference between encumbered assets for policyholder obligations and policyholder obligations”, the insurer shall determine the difference between the encumbered assets for the policyholder obligations, including funds held by ceding reinsurers and the higher of (i) the policyholder obligations of the insurer for which assets have been held and calculated in accordance with Form 1A, Lines 16, 17(a) and 18 and (ii) the capital requirement applicable to the encumbered assets for policyholder obligations where the encumbered assets for policyholder obligations exceeds both policyholder obligations and the capital requirement applicable to the encumbered assets for policyholder obligations.
For Tier 2 basic capital, to calculate the “Difference between encumbered assets for policyholder obligations and policyholder obligations”, the insurer shall determine the difference between the encumbered assets for the policyholder obligations and the higher of (i) the policyholder obligations of the insurer for which assets have been held and calculated in accordance with Form 1A, Line17(a) and (ii) the capital requirement applicable to the encumbered assets for policyholder obligations where the encumbered assets for policyholder obligations exceeds both policyholder obligations and the capital requirement applicable to the encumbered assets for policyholder obligations.
Table 9A
For the year ending _______________________________________, 20XX
expressed in __________________________________ (currency)
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Description of
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Date of issue
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Maturity date
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Value of the
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Eligible
|
|
capital
|
|
(as applicable)
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capital
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capital Tier
|
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instrument
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|
|
instrument
|
|
Total available capital and surplus
Instructions affecting Table 9A
The insurer to include every capital instrument contributing to the amount reported in Form 8, Line 1(c) of the Insurance Accounts Regulations 1980 in Table 9A in accordance with the provisions of any eligible capital rules prescribed by the Authority under section 6A of the Act. ”.
Commencement
11 These Rules come into operation on 31 December 2011.
Made this 23rd day of December 2011
Chairman,
The Bermuda Monetary Authority
BERMUDA
DEPOSIT INSURANCE (SPECIFIED PROVISIONS) COMMENCEMENT DAY
BR 75/ 2011
The Minister of Finance, in exercise of the power conferred by section 44 of the Deposit Insurance Act 2011, gives the following Notice:
Citation
1 This Notice may be cited as the Deposit Insurance (Specified Provisions) Commencement Day Notice 2011.
Commencement of specified provisions
2 Sections 4, 6, 7, 8 and 9 of the Deposit Insurance Act 2011 shall come into operation on 31 December 2011.
Made this 23rd day of December 2011
Premier and Minister of Finance
MINISTRY OF PUBLIC WORKS
TN 23/2011
FERRY ROAD ST GEORGE’S
INSTALLATION OF SPEED HUMP
5th JANUARY 2012
FERRY ROAD, St GEORGE’S PARISH
The Ministry of Public Works wishes to inform motorists that a speed hump will be installed on Ferry Road in the Parish of St George near to the Co educational facility on Thursday 5th January 2012. The speed hump is necessary to help control the speed of vehicles in this area.
The Ministry of Public Works wishes to encourage the full cooperation of the motoring public and apologizes for any inconvenience that may result.
Should there be any questions regarding the installation of this speed hump, please direct queries to the attention of Mr. Peter Havlicek, Principal Highways Engineer, Ministry Public Works, 297-7722.
Dated: 19th December 2011
Signed:
The Hon. Michael A. Weeks, JP, MP
Minister of Public Works