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ARTICLE · 22 DECEMBER 2008

Bermuda´s Risk-Based Supervisory Approach To Capital Adequacy And Solvency Margin Requirements

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Bermuda's House of Assembly passed the Insurance Amendment Bill 2008 (the "Insurance Amendment Act 2008") in July 2008.

BermudaInsurance
Jeffrey Kirk
Jeffrey Kirk
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Bermuda's House of Assembly passed the Insurance Amendment Bill 2008 (the "Insurance Amendment Act 2008") in July 2008. This legislation has far-reaching implications for the Bermuda (re)insurance market, particularly in the context of the BMA's ongoing development of risk-based supervision.

The enhancement of the risk-based supervisory approach to capital adequacy and solvency margin requirements, as set out in the Insurance Amendment Act 2008, reflects Bermuda's development of, and commitment to achieving equivalency with key regulatory regimes, including the European Union's Solvency II.

The BMA's primary objectives of insurance supervision are policyholder protection and development of the Bermuda (re)insurance market; the implementation of a risk-based approach contributes towards to achieving these objectives. This has particular resonance in light of the market volatility of the past months.

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