The Bermuda Monetary Authority (the "Authority") has published its latest regulatory update which contains figures for the quarter ended 31 December 2011 and provides statistics with respect to Bermuda's financial services industry.
Developments in the insurance sector include:
(1) New and amended legislation relating to solvency and capital requirements for Bermuda (re)insurers effective 31 December 2011:
- Insurance Amendment Act 2011
- The Insurance (Prudential Standards) (Class 4 and Class 3B Solvency Requirement) Amendment Rules 2011
- The Insurance (Prudential Standards) (Insurance Group Solvency Requirement) Rules 2011 (effective 31 December 2011 with the exception of paragraph 3 regarding the duty to comply with the enhanced capital requirement which will come into effect on 1 January 2013); and
(2) The completion of the trial run phase for the roll-out of Group Bermuda Solvency Capital Requirement ("BSCR") for commercial insurers. The Authority will phase the implementation of the BSCR for other classes of insurers through to fourth quarter of 2013.
On the statistical front, the Authority reported that 11 new insurers and intermediaries were registered in the Bermuda market in the third quarter of 2011, fifty per cent of such new insurers being special purpose insurers.
Please click here to access the 15 page regulatory update.
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