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  • BR-A.2 BR-A.2 Module History

    • BR-A.2.1

      This Module was first issued in April 2005 by the BMA, together with the rest of Volume 3 (Insurance). Any material changes that have subsequently been made to this Module are annotated with the calendar quarter date in which the change is made: UG-3 provides further details on Rulebook maintenance and version control.

      Amended: January 2007

    • BR-A.2.2

      When the CBB replaced the BMA in September 2006, the provisions of this Module remained in force. Volume 3 was updated in January 2007 to reflect the switch to the CBB; however, new calendar quarter dates were only issued where the update necessitated changes to actual requirements.

      Added: January 2007

    • BR-A.2.3

      A list of recent changes made to this Module is provided below:

      Module Ref. Change Date Description of Changes
      BR-1.1 01/10/05 Corrected reference to Form IFR; Clarified definition of equity basis; amended requirement to have IFR reviewed (instead of audited) by external auditors; amended signatures required for IFR for overseas insurance firms and; added a Paragraph detailing other reporting requirements.
      BR-1.2 01/10/05 Amended requirement to have IMR reviewed (instead of audited) by external auditors; amended signatures required for IMR for overseas insurance licensees and; added a Paragraph detailing other reporting requirements.
      BR-1.4 01/10/05 Corrected reference to Form IFRQ and amended due date of quarterly return to within 45 days of the relevant quarter year end.
      BR-2.2 01/10/05 Added notification requirement for appointed representatives and for reinsurance in excess of 25%.
      BR-2.3 01/10/05 Clarified that prior approval for changes in controllers is required for all insurance licensees.
      BR-1.1 01/01/06 Clarified that the Insurance Firm Return (IFR) of every insurance firm must be reviewed in accordance with the International Standard on Related Services applicable to agreed-upon procedures engagements. Added a transition period for the submission of the first IFR for the period ending December 31, 2006.
      BR-1.2 01/01/06 Clarified that the IMR of every insurance intermediary and insurance manager must be reviewed, in accordance with the International Standard on Related Services applicable to agreed-upon procedures engagements.
      BR-1.3 01/01/06 Added a transition period for the submission of the first GIFR for the period ending December 31, 2006.
      BR-1.4 01/01/06 Added a transition period for the submission of the first QIFR for the period ending March 31, 2007.
      BR-1.1 01/04/06 Added the requirement for filing a copy of the external auditor's management letter.
      BR-1.2 01/04/06 Added the requirement for filing a copy of the external auditor's management letter.
      BR-2.3.22

      BR-2.3.23

      BR-2.3.29(d)      		 01/04/06 Corrected cross reference to Module CA and clarified prior approval requirements in the case of insurance contracts with related parties; corrected cross reference to Module AU.
      BR-A.1.2 01/2007 New Rule introduced, categorising this Module as a Directive.
      BR-1.1.5, 16, 17 and 26 and BR-1.2.5, .15, 16 and 17 01/2007 Auditor's report (Agreed Upon Procedures) for both the IFR and IMR is to be submitted separately, within four months of the financial year end.
      BR-1.1.18 01/2007 Amended details of actuary's certification in line with new format of certificate included as part of the IFR.
      BR-1.1.29 and 36 and BR-1.2.20 and 27 01/2007 The management letter issued by the external auditors is to be deposited along with the audited financial statements with every IFR and IMR.
      BR-1.4.2 01/2007 Clarified that quarterly reporting requirements do not apply to insurance firms in run-off and to pure reinsurers.
      BR-2.3.22 01/2007 Clarified the Rule regarding related party transactions.
      BR-1.1.22, 23, 25 10/2007 Reporting requirements for actuarial reports amended as per changes to Chapter AA-4.
      BR-1.1.26 and 30 10/2007 Amended number and format of copies of IFR to be submitted to CBB
      BR-1.2.17 and 21 10/2007 Amended number and format of copies of IMR to be submitted to CBB
      BR-2.3.29 10/2007 Added that CBB prior approval is required for dividend distribution.
      BR-2.2.14 04/2009 Added notification requirement for when an approved person ceases to occupy a controlled function.
      BR-2.2.8 04/2010 Added conflict of interest in notification requirements.
      BR-2.2.11(g) 04/2010 Amended name of bankruptcy legislation.
      BR-A.1.2 01/01/11 Clarified legal basis.
      BR-1.5 01/2011 Added IIS reporting requirements.
      BR-1.5.2 04/2011 Corrected cross reference.
      BR-1.5.3 10/2011 Added requirement for submission of complaint handling procedures report.
      BR-3.4.1 10/2011 Corrected cross reference.
      BR-3.5 10/2011 Added new Section on the Role of the Appointed Expert (Material transferred from EN-2).
      BR-1.1.35(a) 04/2012 Corrected cross reference.
      BR-1.2 04/2012 Amended to reflect updated requirements for insurance consultant and manager financial reporting.
      BR-1.2A 04/2012 New Section added for Insurance Broker return.
      BR-1.4A 04/2012 New Section added for semi-annual prudential reporting by insurance brokers.
      BR-1.5 04/2012 Added requirement for a report reviewing the insurance broker's compliance with Module CL and other minor corrections.
      BR-3.1.1A and BR-3.1.1B 04/2012 Added Paragraphs to clarify Rules on power to request information.
      BR-3.3.1 and BR-3.4 04/2012 Minor corrections.
      BR-1.5.1 01/2013 Clarified deadline to update IIS.
      BR-1.2A.6 04/2013 Corrected due date for insurance broker return to be consistent with other related Rules.
      BR-2.3.14 04/2013 Added reference to CBB Law.
      BR-2.3.17 04/2013 Clarified the Rule on the establishments of new operations.
      BR-1.1 04/2014 Amended to be in line with the updated requirements for the actuary's financial condition report.
      BR-2.3.29 and BR-2.3.30 10/2014 Clarified that the requirement for the payment of dividends is a no objection letter from the CBB.
      BR-2.2.13A, BR-2.2.13B, BR-2.3.7 and BR-2.3.9 10/2015 Amended to be in line with updated Chapter GR-5.
      BR-1A.5 04/2017 Added a new Section on On-site Inspection Reporting.
      BR-2.3.14 01/2020 Amended Paragraph.
      BR-2.3.17 01/2020 Amended Paragraph.
      BR-1A.5.2 01/2022 Amended Paragraph on the submission of the written assessment of the observations/issues raised in the Inspection draft report.
      BR-1.4.7 04/2022 Amended Paragraph on the submission of the quarterly financial report.
      BR-1.4A.6 04/2022 Amended Paragraph on the submission of the semi-annual financial report.
      BR-1.1A 07/2022 Added a new Section on semi-annual (interim) financial statements.
      BR-1.4.2 07/2022 Amended Paragraph on submission of Quarterly Financial Reporting.
      BR-2.3.29(a) 01/2023 Deleted Sub-paragraph on CBB approval for outsourcing internal audit function and other material functions.
      BR-1.1.5 10/2023 Amended Paragraph on submission of IFR requirements.
      BR-1.1.12 10/2023 Deleted Paragraph.
      BR-1.1.13 10/2023 Deleted Paragraph.
      BR-1.1.26 10/2023 Amended Paragraph on submission of IFR requirements.
      BR-1.1.30 10/2023 Deleted Paragraph.
      BR-1.1.31 10/2023 Deleted Paragraph.
      BR-1.2A.6 10/2023 Amended Paragraph on the content of the insurance broker return report.
      BR-1.2A.11 – BR-1.2A.13 10/2023 Deleted Paragraphs.
      BR-1.2A.18 10/2023 Amended Paragraph on submission of IBR.
      BR-1.2A.21 – BR-1.2A.22 10/2023 Deleted Paragraphs.

    • BR-A.2.3 [Deleted]

      Deleted: January 2007

    • BR-A.2.4

      Guidance on the implementation and transition to Volume 3 (Insurance) is given in Module ES (Executive Summary).

      Amended: January 2007