Sherman Taylor, Associate Director in our
Bermuda office reviews how Bermuda is responding to the
required changes in business practices brought on by
Covid-19*.
Many regulated industries are required to have a Business
Continuity Plan (BCP) in place and are assumed to conduct regular
testing of such plan. This is particularly true of regulated
industries that support the insurance space – including
corporate service providers. This legislative backstop is critical
in ensuring that Bermuda, being such an important jurisdiction in
the global insurance market, continues to function without
meaningful disruption in times of market stress.
Industry - Operations
Given the need for companies to have a relevant, tested and
functioning BCP in place, Bermuda businesses are able to adapt and
adhere to the evolving requirements as these unchartered waters
affecting markets and the jurisdiction are navigated.
