As a service to our clients, Conyers Dill & Pearman has
prepared this Insurance Act 1978 Compendium. The Insurance Act 1978
Compendium contains consolidated versions of the Insurance Act
1978, the Insurance Amendment (No. 3) Act 2010 (transitional
provisions only), the Insurance Accounts Regulations 1980, the
Insurance Returns and Solvency Regulations 1980, the Insurance
(Eligible Capital) Rules 2012, the Insurance (Public Disclosure)
Rules 2015, the Insurance Account Rules 2016, the fee schedule
applicable to insurance entities as set out in the Bermuda Monetary
Authority Act 1969, Fourth Schedule; the Insurance Companies
(Special Fees) Act 2010, and each incorporates all amendments to
The most recent legislative changes include the Insurance
Amendment Act 2016, in force 21 July 2016, (paragraphs 2 and 3 of
Schedule 1 shall come into operation on 1 January 2017), the
Insurance (Public Disclosure) Amendment Rules 2016, in force 13 May
2016, and the Insurance Account Rules 2016, in force 15 March 2016
and these Rules apply to financial years commencing on or after 1
January 2016. The Insurance Amendment (No. 3) Act 2015, in force 1
January 2016, the Bermuda Monetary Authority Amendment Act 2015, in
force 1 January 2016 with the exception that Paragraph (2)(c)(ii)
of the Fourth Schedule shall be deemed to have come into operation
on 1 January 2015, the Insurance Amendment (No. 2) Act 2012
Commencement Day Notice 2015, which states that section 12 of the
Insurance Amendment (No. 2) Act 2012 shall come into operation on 1
January 2016 and shall apply with respect to the financial year
beginning on or after 1 January 2016, the Insurance Amendment (No.
2) Act 2015, sections 1, 3, 7, and 12, in force 13 July 2015, and
sections 2, 4, 5, 6, 8, 9, 10, 11, 13, 14, 15 and 16 in force 1
January 2016, the Insurance (Eligible Capital) Amendment Rules
2014, in force 31 December 2015, the Insurance (Eligible Capital)
Rules 2015, in force 1 January 2016, and the Insurance (Public
Disclosure) Rules 2015, in force 1 January 2016. Other recent
amendments include the Insurance Amendment Act 2015, in force 27
February 2015, with the exception of section 2, which came into
force 31 December 2015, and the Bermuda Monetary Authority
Amendment Act 2014, which repealed and replaced the Fourth Schedule
Fees, in force 1 January 2015. 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.
The Bermuda Monetary Authority published further amendments to
the existing Insurance Rules listed below. The amendments and the
new Rules came into force 15 March 2016. The Rules are applicable
to various classes of insurers and set out enhanced solvency
reporting and capital requirements. Consolidated versions of the
Rules listed below, including the Schedules, are available on the
BMA website and can be found under Insurance legislation.
Life insurance has become virtually ubiquitous in wealth planning. It is flexible, can be adapted to a wide range of purposes, enjoys very favourable tax treatment in most if not all jurisdictions and is virtually universally recognised.
Bermuda is the first offshore jurisdiction to be granted ‘conditional qualified jurisdiction’ status by the National Association of Insurance Commissioners (NAIC), the US standard-setting and regulatory support organisation created and governed by the chief insurance regulators from each US State, the District of Columbia and five US territories.
As reported in our e-alert on 6 January 2012, the Court of First Instance in Hong Kong has handed down an important judgment that upholds the long established commercial practice of an insurance broker acting as agent for the insured and not as agent for the insurer.
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