Bermudian life insurers and reinsurers are leading the charge in some of the most exciting developments in today’s global life insurance industry. However, new ways of doing things also create challenges from a risk management perspective. In this paper, we explore observed best practices that can be adopted to support a world class enterprise risk management (ERM) program for a Bermudian life company, with a focus on practical aspects. We discuss:

• The development of Bermuda’s risk-based regulatory framework
• Reporting of the Commercial Insurer’s Solvency Self-Assessment (CISSA)
• A framework for ERM
• A hypothetical case study