The Bermuda Monetary Authority (BMA) has issued a call for insurance-linked securities (ILS) vehicles domiciled on the island to adhere to international sanctions related to the ongoing conflict between Russia and Ukraine and to disclose any relevant information or impact related to it as it continues.
With international sanctions being layered on Russia after it began an invasion of and war in Ukraine, it’s vital insurance, reinsurance and ILS market interests adhere to these and also identify any potential linkage to sanctioned entities, or exposure to the continuing conflict.
For the ILS market, this could mean double-checking all third-party investor capital is remote from any sanctions related exposure, while also identifying where reinsurance contracts may hold a potential exposure to the damage or interruption caused by the war itself.
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