ARTICLE · 30 AUGUST 2018

Bermuda Corporate Insurance Brief: Market Insights

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Many Bermuda-registered companies are now subject to new beneficial ownership registration requirements by virtue of the Companies and Limited Liability (Beneficial Ownership) Amendment Act 2017, ...

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Beneficial ownership register

Many Bermuda-registered companies are now subject to new beneficial ownership registration requirements by virtue of the Companies and Limited Liability (Beneficial Ownership) Amendment Act 2017, although this is likely to be of limited significance for Bermuda insurers and their affiliates, given that it does not extend to companies registered under the Insurance Act 1978 or to companies whose shares are listed on an appointed stock exchange or to their subsidiaries.

Companies that are affected must maintain beneficial ownership registers at their registered offices, including details of beneficial owners and any "relevant legal entities", and must provide beneficial ownership information to the Bermuda Monetary Authority (the BMA).

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