BR-A.2.3
Past version: Effective from 01 Apr 2013 to 31 Mar 2014
To view other versions open the versions tab on the right
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. |
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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. |