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ARTICLE · 23 JANUARY 2020

Bermuda Law & Practice

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The principal legislation governing companies in Bermuda is the Companies Act 1981, as amended (Companies Act), under which the majority of companies in Bermuda are incorporated by registration.

BermudaInsurance
Timothy Faries
Timothy Faries
Alan Bossin
Alan Bossin
Brad Adderley
Brad Adderley
Matthew Carr
Matthew Carr
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1. Basis of Insurance and Reinsurance Law

1.1 Sources of Insurance and Reinsurance Law

The principal legislation governing companies in Bermuda is the Companies Act 1981, as amended (Companies Act), under which the majority of companies in Bermuda are incorporated by registration.

In addition to the Companies Act, (re)insurance companies and (re)insurance intermediaries in Bermuda are also governed by the provisions of the Insurance Act 1978 and related regulations, rules and guidance notes, each as amended from time to time (Insurance Act), which applies to any person carrying on insurance business in or from within Bermuda. "Insurance business" is the business of effecting and carrying out contracts to protect persons against loss or liability to loss in respect of risks to which they may be exposed or pay a sum of money or render money's worth on the occurrence of a loss event, and includes reinsurance business.

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