Bermuda Insurance Act 1978 and Regulations for Commercial Insurers
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The Bermuda Insurance Act 1978 and Related Legislation for Commercial Insurers contains consolidated versions of:
- The Insurance Act 1978
- The Insurance Account Rules 2016
- The Insurance (Eligible Capital) Rules 2012
- The Insurance (Public Disclosure) Rules 2015
- The Insurance (Group Supervision) Rules 2011
- 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 Commercial Insurers Compendium also includes consolidated versions of the following Rules, excluding the Schedules:
- The Insurance (Prudential Standards) (Class 4 and Class 3B Solvency Requirement) Rules 2008
- The Insurance (Prudential Standards) (Class 3A Solvency Requirement) Rules 2011
- The Insurance (Prudential Standards) (Class C, Class D and Class E Solvency Requirement) Rules 2011
- The Insurance (Prudential Standards) (Insurance Group Solvency Requirement) Rules 2011
Consolidated versions of the above Insurance Rules, including the Schedules, as well as Excel spread sheets with the BSCR model for each class of insurer and Bermuda Groups can be found on the Bermuda Monetary Authority website.
The most recent legislative changes include:
- amendments made by the Insurance Amendment (No. 2) Act 2020, operative 11 December 2020
- amendments made by the Insurance Amendment Act 2020, operative 5 August 2020
- the addition of the following new insurance Rules, operative 30 April 2020: Insurance (Collateralized Insurers) (Statements, Returns, Solvency Capital) Rules 2020, Insurance (Insurance Marketplace Providers) (Statutory Financial Return) Rules 2020, Insurance (Special Purpose Insurers) (Statements, Returns and Solvency Requirement) Rules 2020, Insurance (Technical Standards) (Class IIGB Insurers) (Solvency Requirement) Rules 2020, and the Insurance (Technical Standards) (Class IIGB Insurers) (Statements, Returns, and Capital Solvency) Rules 2020.
Other recent legislative changes include:
- amendments to the Fourth Schedule Fees to the Bermuda Monetary Authority Act 1969 made by the Bermuda Monetary Authority Amendment Act 2020, operative 19 March 2020
- amendments made by the Insurance (No. 2) Amendment Act 2019, operative 31 December 2019, with the exception of Schedule 1 and part of Schedule 2, operative 30 April 2020
For a complete list of amendments that have been incorporated into the Insurance Act 1978 and related legislation, please refer to the Table of Statutes.
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