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Governance, Risk and Compliance - The Bermudian Insurance Industry

Governance, Risk and Compliance - The Bermudian Insurance Industry

  • February 2019
  • 59 pages
  • ID: 3116873
  • Format: PDF
  • By GlobalData

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Governance, Risk and Compliance - The Bermudian Insurance Industry

Summary
The Bermuda Monetary Authority (BMA), in accordance with the rules and regulations stipulated in the Insurance Act 1978, regulates and supervises the Bermudian insurance and reinsurance industry.The BMA is the government regulatory body for the supervision and regulation of the financial service sector, including the territory’s insurance industry.

It was established under the Bermuda Monetary Authority Act 1969.The government of Bermuda enacted the Insurance Act in 1978 and introduced various amendments to the acts in successive years.

Major amendments were introduced in 1981, 1983, 1985, 1995, 1998, 2001, 2002, 2006, 2008, 2010, 2012, 2013, 2015 and last in 2018.

Key Takeaways

- The BMA supervises and regulates the Bermudian insurance and reinsurance industry
- Effective from January 1, 2016, Bermuda’s commercial insurers and reinsurers’ regimes were declared equivalent to EC’s Solvency II regime
- 60% FDI is permitted in the Bermudian insurance industry
- Social insurance system, health insurance, motor third-party liability insurance, merchant shipping insurance, workers’ compensation insurance and professional indemnity insurance are the key classes of compulsory insurance in the Bermudian insurance industry
- The government of Bermuda does not impose any tax on corporate incomes, capital gains, and dividends

The report "Governance, Risk and Compliance - The Bermudian Insurance Industry", is the result of extensive research into the insurance regulatory framework in the Bermuda.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries. Including -
- An overview of the insurance regulatory framework in the Bermuda
- The latest key changes, and changes expected in the country’s insurance regulatory framework
- Key regulations and market practices related to different types of insurance product in the country
- Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the Bermuda
- Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations
- Details of the tax and legal systems in the country

Scope
- The report covers details of the insurance regulatory framework in the Bermuda.
- The report contains details of the rules and regulations governing insurance products and insurance entities.
- The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.
- The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
- The report provides details of taxation imposed on insurance products and insurance companies.

Reasons to buy
- Gain insights into the insurance regulatory framework in the Bermuda.
- Track the latest regulatory changes, and expected changes impacting the Bermudian insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.

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