Bermuda Amends Insurance Act To Introduce Concept Of Internationally Active Insurance Group

The Insurance Amendment Act 2021 (Act) is the result of the Bermuda Monetary Authority's (BMA) consultation paper “Introduction of the Concept of Internationally Active Insurance Group Proposal” that was published on 21 December 2020 (The consultation paper was published in 2020, a year before the Act became operative), introducing the concept of an internationally active insurance group (IAIG) to meet the principles and standards of the International Association of Insurance Supervisors' Common Framework.

The Act which became operative on the 23 December 2021, amends the Insurance Act 1978 to make provision for supervisory requirements relating to the administration of internationally active insurance groups in Bermuda.