Welcome to the latest edition of Bermuda Corporate Insurance Brief

Headlines in this edition include:

  • Clarifications and enhancements regarding adjustments of statutory capital and surplus under the Insurance Act 1978
  • An overview of the advantages of and process for registering a captive insurer in Bermuda
  • Recent developments bolstering Bermuda's global position in the captive arena
  • Update on economic substance scope and filing requirements
  • Update on the appointment of Bermuda's Privacy Commissioner
  • Outline of the process of effecting an amalgamation or a merger in Bermuda
  • The race to become the jurisdiction of choice for international arbitrations

Adjustment of insurers' statutory capital and surplus - clarifications and enhancements
A review of the powers of the BMA to adjust statutory capital and surplus and related changes following the Insurance Amendment Act 2019.

Bermuda captive insurers
For anyone considering registering a captive insurer in Bermuda, this paper provides an overview of the licensing requirements and process, the prudential and conduct standards that a captive insurer will need to meet and the on-going filing and other requirements.

Bermuda captive industry – still substantially in the lead
With fears that the implementation of an 'economic substance' regime in Bermuda might dent its prominent captive industry, we look into these developments and how they promise fair winds for 2020.

Update on Bermuda economic substance scope and filing requirements
Bermuda's economic substance regime has been brought into closer alignment with other jurisdictions for substance laws, as well as achieving greater uniformity these changes represent welcome clarification of the scope of some of the requirements.

Bermuda appoints Privacy Commissioner
With the appointment of the Privacy Commissioner, we discuss how they are likely to spend the first year in office and conjecture as to the likely timing of implementation of the remaining provisions of the PIPA.

Bermuda amalgamations and mergers
Given the considerable overlap in the process of effecting an amalgamation or a merger, this memorandum addresses both procedures.

An offshore International Arbitration Centre for the Americas: is there room for only one?
The British Virgin Islands has gone 'all in' to establish itself as a leading venue for international arbitrations, now the BVI's regional rivals, Bermuda and the Cayman Islands, are attempting to get in on the act.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances. Kennedys operates in Bermuda in association with Kennedys Chudleigh Ltd.