The Bermuda Monetary Authority (BMA) publishes an updated Operational Resilience (Op Res) framework for the island's financial sector, with the new code and guidance notes now available for stakeholders. The regulator says it remains committed to upholding international standards and fostering transparent consultation. The framework applies to a wide range of regulated entities, including commercial insurers, Insurance Managers, Insurance Brokers, and Insurance Marketplace Providers and Agents. The BMA thanked stakeholders for their engagement in developing the new framework, which aims to provide an effective and forward-looking regulatory environment that aligns with international best practices while offering operational flexibility. The new framework supersedes the previous outsourcing guidance. The Operational Resilience and Outsourcing Code and its Guidance Notes detail the requirements for relevant entities (REs) to manage and oversee their operational resilience. This includes the responsibility of boards to ensure a robust framework is in place. The new Code will come into effect for REs licensed under the Banks and Deposit Companies Act on 1 January 2027 and for all other REs on 31 March 2028. The BMA is proceeding with finalising the Op Res provisions and any necessary legislative amendments ahead of the effective dates. Further public consultation is planned for all corresponding legislative instruments.
