A number of jurisdictions provide for the statutory protection of direct policyholders in a winding-up of an insurer.
In the light of concerns raised in industry feedback, the Bermuda Monetary Authority (BMA) has decided to postpone the introduction of various adjustments to the Bermuda Solvency Capital Requirement (BSCR) standard formula that were proposed in its November 2016 Consultation Paper.
The Bribery Act 2016 received Royal Assent on 6 December 2016. When it comes into operation, it will introduce a number of new offences into Bermuda law, including the corporate offence of failure to prevent bribery. Bermuda insurers, insurance managers and insurance agents and brokers will need to introduce policies and procedures necessary to ensure compliance.
In the not-so-distant past, offshore financial centres ("OFCs") were perceived as having a very light touch
when it came to taking enforcement action against regulated entities and individuals.
Conyers Dill & Pearman
The Bermuda insurance and reinsurance sector enjoyed a vibrant 2016, despite markets globally remaining relatively flat.
Cayman is well known as an attractive international destination for financial industry conferences, particularly in the hedge fund sector, but you might be surprised that the biggest annual conference is for the captive insurance industry.
As Cayman's captive insurance and
nascent reinsurance, international
insurance and life and annuity industry
continues to evolve to meet the growing
challenge of competition from onshore
domiciles and continued soft market
The Cayman Islands is home to over 700 captive insurance companies. The word ‘captive' refers to the relationship between the insurance company and its owner.
Maples and Calder
A practical cross-border insight into insurance and reinsurance law
Despite the notable uncertainty concerning the United Kingdom and Gibraltar's future trading relationship with the European Union, there are a number of upcoming developments which the Gibraltar insurance industry and its stakeholders should be monitoring.
Guernsey is building on its insurance offering in China after signing a Memorandum of Understanding with a key Chinese business centre.
Clyde & Co
On 3 March 2017, the Financial Services Development Council (the "Council") issued an important report, titled: "Turning Crisis into Opportunities: Hong Kong as an Insurance Hub with Development Focuses on Reinsurance, Marine and Captive" (the "Report").
Blackbox Car Insurance, Pay-As-You-Drive or Pay-How-You-Drive are all names used to reference Telematics Car Insurance.
MFSA circular to the Market relating to the assessment required
prior to proposing Individuals for Approved Positions
In less than ten months, the Insurance Distribution Directive (‘IDD') will be repealing the current Insurance Mediation Directive regulating the activities of insurance undertakings, insurance intermediaries and insurance ancillary intermediaries.
Following its review EIOPA shall be making submissions to the Commission on suggested changes in methods...
The amendments being introduced by the MFSA require the external audit of certain sections and specific templates forming part of the Solvency and Financial Condition Report ("SFCR").
The MFSA has issued new guidelines on Product Oversight and Governance arrangements by insurance undertakings and insurance distributors as required by the Insurance Distribution Directive ("IDD") to be implemented by manufacturers of insurance products.
In this article, which is the first of three in a series, Kennedys' Corporate Insurance team looks at the new proposed commission structures under the new draft life regulations in the UAE.
It is not uncommon to hear from an insurer that its competitors are resorting to unfair means of marketing to get a bigger share of the "pie".