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ARTICLE · 24 AUGUST 2018

Bermuda Creates Legislative Framework To Promote Insurtech Innovation

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Innovative Insurers and Innovative Intermediaries may be formed as new start-ups or affiliates of existing insurers and operate in a closely controlled environment in the sandbox.

BermudaInsurance
Conyers
Conyers
William Cooper
William Cooper
Jacqueline King
Jacqueline King
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Bermuda has recently introduced a new legislative framework for establishing insurers and insurance intermediaries that carry on business in an "innovative or experimental manner". The Insurance Amendment Act, 2018 (the "Amendment Act"), which came into effect on 23 July 2018, amends the Insurance Act, 1978 (the "Act"). It creates an insurtech 'regulatory sandbox' for the purpose of facilitating and promoting experimental and innovative applications of technology in the insurance sector in a controlled environment. The sandbox is complemented by the Innovation Hub that the Bermuda Monetary Authority (the "BMA") has established to promote insurtech innovation.

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