Bermuda Insurance Act 1978 and Regulations for Captive Insurers

Consolidated Acts

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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 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

Other recent legislative updates 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

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 2022

 

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