Year Of Exciting Legislative Developments

2016 was a rather exciting year for Bermuda from the legislative and regulatory perspective not only for the quantity and quality of developments in this arena over the past year but also because of the notable achievements of the jurisdiction such as attaining EU Solvency II equivalence and the establishment of brand new LLC legislation – milestones that ensure Bermuda maintains its competitive edge. Some brief highlights of 2016 follow:

• Limited Liability Companies Law - The Limited Liability Company Act was passed in 2016 which introduced the limited liability company (LLC) vehicle for the first time ever in Bermuda. The LLC is a hybrid entity which merges characteristics of both a partnership and a company limited by shares. It is a very flexible vehicle which provides a useful alternative structuring option to complement the existing choice of vehicles in Bermuda. The introduction of the LLC arose from requests from US stakeholders and is significant given the