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Bermuda Insurance Act · Commercial

Bermuda Insurance Act 1978 and Regulations for Commercial Insurers

Updated August 2021 | Consolidated Acts

BDA Insurance Act Commercial

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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:

  • a consequential amendment to section 57A(5) of the Insurance Act 1978 made by the Betting Act 2021, operative 1 August 2021
  • amendments to section 57(1)(a) of the Insurance Act 1978 made by Schedule 8 paragraph 3 to the Trade Union and Labour Relations (Consolidation) Act 2021, operative 1 June 2021

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 2021, deemed to have come into operation 31 December 2020.
  • 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

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.

This compendium is intended for informational purposes only. While every effort has been made to ensure the accuracy of the legislation and related material, and it is believed that the only errors are those contained in the official legislation itself (which errors have been faithfully reproduced), no responsibility is assumed for the content. Reference should be made to the official versions of the legislation for an authoritative statement of the law and any subsequent amendments. Nothing in this compendium is to be considered as creating an attorney-client relationship or indeed any contractual relationship or as rendering legal or professional advice for any specific matter. Readers are responsible for obtaining such advice from their own legal counsel. No client or reader should act or refrain from acting on the basis of any content within this document without first obtaining matter-specific legal and/or professional advice. Conyers accepts no responsibility for any loss or damage, howsoever incurred, which may result from accessing or reliance on this content.

Conyers Dill & Pearman
Hamilton, Bermuda 

August 2021

 

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