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  • EN-1.2 EN-1.2 Procedure

    • EN-1.1.1

      As part of its on-going supervision, the BMA may make specific ad-hoc requests for information, beyond the regular reporting or notifications specified in Module BR (BMA Reporting). Recipients of such requests are bound to respond to such requests under the terms of their license (see Paragraph BR-4.2.1).

    • EN-1.2.1

      To clearly identify formal information requests, these will always be made in writing, under the signature of a Director or more senior official of the CBB. They will include the statement, "This is a formal request for information as defined in Chapter 1 of Module EN (Enforcement) of Volume 3 (Insurance) of the CBB Rulebook"; and will state the deadline by which the information is to be communicated to the CBB.

      Amended: January 2007
      Amended: October 2007

    • EN-1.2.2

      Failure to respond to such formal requests within the deadline set will be viewed as a significant breach of supervisory requirements and may result in a formal warning or other enforcement measure, specified under Articles 163 and 170 of the CBB Law, as decided by the CBB depending on the circumstances of the case.

      Amended: January 2007

    • EN-1.2.3

      The deadline set in the request will vary depending on individual circumstances. A recipient may submit a case for an extension to the deadline; it should do so as soon as possible if it believes that an extension will be required, and in any event prior to the passing of the original deadline. The Central Bank will respond before the original deadline has passed; if it fails to do so, then the requested extension will apply. Whilst waiting for a reply, the recipient must assume that the original deadline will apply.

      Amended: October 2009
      Amended: January 2007

    • EN-1.2.4

      The above procedures do not prevent individual CBB supervisors from making oral requests for information as part of their day-to-day interaction with authorised persons. The CBB expects authorised persons to maintain their cooperative response to such requests; however, in the interests of clarity, the CBB will not view failures to respond to oral requests as a breach of supervisory requirements.

      Amended: January 2007