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Bermuda Insurance Act · Commercial

Bermuda Insurance Act 1978 and Related Legislation for Commercial Insurers

Updated August 2019 | 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:

  • the Insurance Amendment Act 2019, operative 5 August 2019

Other recent amendments include:

  • the Insurance Amendment (No. 3) Act 2018, operative 31 December 2018
  • the addition of the Insurance (Prudential Standards) (Insurance Brokers and Agents Annual Return) Rules 2018, operative 1 January 2019
  • amendments to the Fourth Schedule BMA fees made by the Bermuda Monetary Authority Amendment (No. 3) Act 2018, operative 1 January 2019

Previous amendments include:

  • a consequential amendment to 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
  • the Insurance Amendment Act 2018, operative 23 July 2018

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 

August 2019

 

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