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ARTICLE · 07 AUGUST 2018

Bermuda Innovative Insurer (Pink) Sandbox

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Bermuda has continually welcomed innovative (re)insurers and intermediaries to our pink sandy shores, and the opportunity for insurtech start-ups to use Bermuda as a base for innovation...

BermudaInsurance
Matthew Carr
Matthew Carr
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Bermuda has continually welcomed innovative (re)insurers and intermediaries to our pink sandy shores, and the opportunity for insurtech start-ups to use Bermuda as a base for innovation will soon be enshrined in legislation.

Imminent amendments to the Insurance Act 1978, as amended (IA) will set a clear course for innovative (re)insurers seeking to take a product, service or delivery mechanism from concept to market.

So, what does this mean for a potential (re)insurer looking to do business in an innovative way?

Amendments to the IA making their way through the Legislature will enable an innovator looking to be licensed under the IA (or potentially an existing licensed (re)insurer) to follow an innovation track. This will involve following a slightly different licensure process that introduces a regulatory testing environment or “sandbox” (Sandbox).

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