In mid-2018, changes to the Insurance Act 1978 established a regulatory testing environment or “sandbox” where innovators may obtain restricted licences allowing them to test new technologies and products. This allows new products, services or delivery mechanisms to be overseen by the BMA in a controlled environment, before being licensed as fully operational.
In addition, there are new insurance classifications aimed at insurers carrying on business in an innovative or experimental manner. Specifically, the IGB class was created for insurers carrying on general business in an innovative or experimental manner and the ILT class was created for insurers carrying on long-term business in an innovative or experimental manner. These are all available to captive insurers.
Chiara Nannini, Director, outlines some of the key regulatory and tax-related developments affecting Bermuda-based captives in the latest issue of Captive International. Click here to read more.
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Innovation and Evolution