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Bermuda Insurance Act · Captives

Bermuda Insurance Act 1978 and Regulations for Captive Insurers

Updated March 2020 | 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

The Bermuda Insurance Act 1978 and Related Legislation for Captive Insurers also includes the following, excluding the schedules:

  • Consolidations of the Insurance Accounts Regulations 1980
  • The Insurance Returns and Solvency Regulations 1980
  • The Insurance (Prudential Standards) (Insurance Managers Annual Return) Rules, 2017
  • The Insurance (Prudential Standards) (Insurance Brokers and Agents Annual Return) Rules 2018

Consolidated versions of the above Insurance Rules, Regulations, and Schedules can be found on the Bermuda Monetary Authority

The most recent legislative changes include:

  • the Insurance (No. 2) Amendment Act 2019, operative 31 December 2019, with the exception of Schedule 1 and part of schedule 2, which will become operative on 30 April 2020.

Prior legislative updates:

  • the Insurance Amendment Act 2019, operative 5 August 2019

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 

March 2020

 

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