CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Bermuda Extends Insurance Code Compliance Deadline

Bermuda Extends Insurance Code Compliance Deadline

by Phillip Morton, Investors Offshore.com

29 December 2010


The Bermuda Monetary Authority (BMA) has extended the deadline for insurers' compliance with the Insurance Code of Conduct to allow the concerned parties the required time to implement the necessary enhanced frameworks.

The revised deadline for compliance is now July 1, 2011.

Subsequent to that date, the Authority will include evaluation of insurers' compliance with the Code as part of its regular prudential supervision and on-site reviews of insurance companies.

The BMA said that it had permitted the extension “in recognition of the complexities involved for firms making operational adjustments to meet the enhanced requirements of the Code.”

“It will also provide a further opportunity to ensure insurers fully understand how those requirements will be applied in a proportionate manner across the industry,” the BMA said.

The BMA has confirmed that it is to issue further guidance to the market in this regard by March 31, 2011.

TAGS: compliance | tax | business | law | financial services | insurance | international financial centres (IFC) | Bermuda | offshore | legislation | regulation | services

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »