A new bill passed by Bermuda’s House of Assembly last week will tighten up regulation of the insurance sector and give the Bermuda Monetary Authority more powers to independently regulate the sector, according to Finance Minister Paula Cox.
The Royal Gazette reported that the Insurance Amendment Act 2004, the result of an IMF assessment, contains new ‘whistleblower’ provisions setting out auditors’ obligations and strengthening protection for those who speak out.
Cox added that the new bill clarifies the appointment and revocation of auditors and loss reserve specialists while giving the BMA formal powers to issue guidance on the required standards and procedures of those registered under the Act.
Other changes in the new legislation will mean that a principal representative must write to the BMA if there is a suspicion that the insurer for which he acts may become insolvent, and the BMA also has new powers to appoint an auditor where an insurer fails to do so.
A comprehensive report describing the insurance sector in most key offshore jurisdictions, with an emphasis on the regulatory structure is available in the Tax News Reports Shop at http://www.tax-news.com/reportshop/
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