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Bermuda Insurance Act · Commercial

Bermuda Insurance Act 1978 and Regulations for Commercial Insurers

Updated March 2020 | 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

The Bermuda Insurance Act 1978 and Related Legislation for Commercial Insurers Compendium also includes the following, excluding schedules, and these amendment Rules came into operation 1 January 2019:

  • The Insurance (Prudential Standards) (Insurance Group Solvency Requirement) Amendment Rules 2018
  • The Insurance (Prudential Standards) (Class C, Class D and Class E Solvency Requirement) Amendment Rules 2018,
  • The Insurance (Prudential Standards) (Class 4 and Class 3B Solvency Requirement) Amendment Rules 2018, and
  • The Insurance (Prudential Standards) (Class 3A Solvency Requirement) Amendment Rules 2018

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 (No. 2) Amendment Act 2019, operative 31 December 2019, with the exception of Schedule 1 and part of Schedule 2, which will come into operation on 30 April 2020
  • the Insurance (Prudential Standards) (Class 4 and Class 3B Solvency Requirement) Amendment Rules 2019
  • the Insurance (Prudential Standards) (Class 3A Solvency Requirement) Amendment Rules 2019
  • the Insurance (Prudential Standards) (Class C, Class D and Class E Solvency Requirement) Amendment Rules 2019
  • the Insurance (Prudential Standards) (Insurance Group Solvency Requirement) Amendment Rules 2019, effective 1 January 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.

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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