On the heels of the publication by the International Association of Insurance Supervisors (IAIS) of a draft consultation paper analysing the structural shifts in the life insurance sector to increase allocations to...more
The Bermuda Monetary Authority ("BMA") has issued an invite for proposals from voluntary participants to take part in a pilot project aimed at testing Embedded Supervision practices within the context of DeFi. Embedded...more
This chapter discusses the Bermudian prudential solvency regime. Bermuda rose to prominence in the insurance and reinsurance industries in the late 1960s and early 1970s, largely due to its pioneering work in the...more
In July 2024, the Bermuda Monetary Authority (BMA) released its long-awaited guidance note entitled “General Business Insurers with Segregated Accounts and Separate Accounts” (the “SAC Guidance Note”) which provides the...more
With the New Year underway, there is a wide range of regulatory updates to reflect on and prepare for. While navigating these changes may seem complex, the Regulatory & Risk Advisory team is here to assist. The Outlook...more
On 4 December 2024, the Bermuda Monetary Authority (BMA) issued its consultation paper entitled “Proposed Enhancements to the Insurance Group Supervision Framework,” outlining regulatory updates to strengthen the BMA’s...more
The Personal Information Protection Act (PIPA) is a critical framework for protecting individuals’ personal information in Bermuda. Under PIPA organisations are required to adhere to several key principles, including ensuring...more
In response to the increasing interconnectedness of financial service providers across global networks, the BMA is proposing to implement a new Operational Resilience and Outsourcing Code for regulated entities across all...more
Our corporate team outline the latest developments within the corporate and finance market in Bermuda including Bermuda’s Corporate Income Tax Act 2023, Cyber risk management and The Bermuda Monetary Authority's enhancements...more
Increased strengthening of the global regulatory landscape in the (re)insurance industry has led to a similar increase in engagement between regulators and those they regulate. Specifically, Bermuda continues to be an...more
Welcome to the latest instalment of the Bermuda Regulatory & Risk Advisory Bulletin. In a constantly evolving regulatory environment, this bulletin serves as a platform for insightful commentary and expertise in regulatory...more
Bermuda is the world’s leading domicile for captive insurance companies, with over 600 active captive licences on its register generating over US$24 billion in gross written premium. Having formed the first modern captive in...more
Bermuda is a popular and highly regarded jurisdiction for managing the offshore family assets of wealthy, international families due to several favourable characteristics. As a high-quality international financial centre,...more
An old adage says that the only things in life that are certain are death and taxes. We think regulatory changes can surely be added to that list. A number of regulatory updates will affect Bermuda entities this year, and we...more
In Rising insurance premium rates, limited capacity with commercial insurance carriers and a looming global recession made 2022 extremely challenging for aviation insurance buyers. In this environment, the aviation industry...more
The Bermuda Monetary Authority published the revised Operational Cyber Risk Management Code of Conduct (the “Cyber Risk Code”) for corporate service providers, trust companies, money services businesses, investment...more
The Bermuda Monetary Authority (BMA) has moved to place emphasis on innovation, with legislation being introduced to promote innovation across the insurance sector. In mid-2018, changes to the Insurance Act 1978...more
When we published our last climate change update earlier this month, it was probably a safe bet that the last few weeks of the month would continue to be active. That was an understatement. Before summarizing the New York...more