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Bermuda Insurance Act · Captives

Bermuda Insurance Act 1978 and Regulations for Captive Insurers

Updated January 2019 | Consolidated Acts

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The Bermuda Insurance Act 1978 and Regulations for Captive Insurers contains consolidated versions of:

  • The Insurance Act 1978
  • The Insurance Accounts Regulations 1980
  • The Insurance Returns and Solvency Regulations 1980
  • The fee schedule applicable to insurance entities as set out in the Bermuda Monetary Authority Act 1969, Fourth Schedule
  • All amendments to date

Consolidations of the Insurance Accounts Regulations 1980, the Insurance Returns and Solvency Regulations 1980, the Insurance (Prudential Standards) (Insurance Managers Annual Return) Rules, 2017, and the Insurance (Prudential Standards) (Insurance Brokers and Agents Annual Return) Rules 2018, excluding the Schedules, have also been included. Consolidated versions of the above Insurance Rules, Regulations, and Schedules can be found on the Bermuda Monetary Authority website.

The most recent legislative changes include:

  • the Insurance Amendment (No. 3) Act 2018, which also makes amendments to the Insurance Returns and Solvency Regulations 1980, operative 31 December 2018
  • the addition of the Insurance (Prudential Standards) (Insurance Brokers and Agents Annual Return) Rules 2018, operative 1 January 2019
  • the Fourth Schedule BMA fees made by the Bermuda Monetary Authority Amendment (No. 3) Act 2018, operative 1 January 2019
  • section 19(1) of the Insurance Act 1978, made by section 6 of the Proceeds of Crime (Miscellaneous) (No. 2) Act 2018, operative 1 January 2019
  • the Insurance Amendment (No. 2) Act 2018, operative 30 July 2018

Prior legislative updates:

  • the Insurance Amendment Act 2018, operative 23 July 2018
  • An amendment to section 44B of the Insurance Act 1978 made by the Appeal Tribunals (Miscellaneous) Act 2017, in force 30 October 2017

While every effort has been made to ensure its accuracy, and it is believed that the only errors in the legislation are those contained in the statutes themselves (which errors have been faithfully reproduced), no responsibility is assumed for the content, and reference is made to the originals for an authoritative statement of the Insurance Act 1978 and related Rules, Regulations, and Orders.

Conyers Dill & Pearman
Hamilton, Bermuda 

January 2019

 

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