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Bermuda Amends Insurance Regime

by Phillip Morton, Investors

13 December 2011

Bermuda's House of Assembly has passed legislative amendments for the island's regime for insurers, and to set fee levels for 2012.

The House passed two amendments, to the Insurance Act 1978 and the Insurance Accounts Regulations, which in particular:

  • Introduce new requirements on certain classes of insurers which were previously only applicable to Class 3B and 4 insurers;
  • Make adjustments for certain classes of insurers regarding the requirement to maintain a minimum margin of solvency; and,
  • Expand the nature and scope of a principal representative's reporting powers.

The amendments also set fees applicable to the industry for 2012. The government has said that consistent with its policy of previous years, fee levels will be set at a minimum and the government will run its functions at a deficit to support the industry. In particular, fees paid by Class 3A insurers - small commercial insurers - will be reduced in 2012.

TAGS: tax | business | financial services | insurance | international financial centres (IFC) | Bermuda | fees | offshore | services

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