On Apr. 30, BER GVT published rules on recovery plan requirements.
BER GVT published Insurance (prudential standards) (recovery plan) rules 2024.
Follows Jun. 2022 proposed introduction for recovery planning regime, see #140254.
Follows BER BMA consultation re recovery planning for commercial insurers, #173553.
Recovery Plan Rules
Explains determining requirement of whether necessary to prepare recovery plan.
Sets out considerations used to determine scope and requirements of recovery plan.
If BER GVT notifies insurer in writing of need to prepare, correct or update a recovery plan, the insurer shall do so in accordance with these rules, within the specified time.
Details required contents of recovery plan, including an executive summary, description of the insurer and governance policies, methods to recover from stress.
Any deficiencies in the recovery plan shall be addressed within designated timeframe.
Insurer required to review and update its recovery plan at least once every 3 years.
A recovery plan shall then be filed with BER GVT within 30 days of being updated.
Effectiveness
These rules regarding recovery plans shall come into operation on May 1, 2025.
