Jan 2023
Consolidated Acts
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:
- amendments to the Insurance Act 1978, Insurance Account Regulations 1980, and the Fourth Schedule to the Bermuda Monetary Act 1969 made by the Insurance Amendment Act 2022, operative 20 December 2022
Other recent legislative updates include:
- amendments to the Fourth Schedule to the Bermuda Monetary Authority Act 1969 under the heading Insurance Act 1978 made by section 3(a) of the Bermuda Monetary Authority Amendment (No. 2) Act 2022, deemed to have come into operation 1 January 2022
- amendments made to the Insurance Act 1978 by the Insurance Amendment Act 2021, operative 23 December 2021
- amendments to the Fourth Schedule of the Bermuda Monetary Authority Act 1969 made by the Bermuda Monetary Authority Amendment (No. 2) Act 2021, operative 1 January 2022
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
January 2023