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ARTICLE · 15 JANUARY 2025

Enhancements To Bermuda's Group Supervision Regime

Kennedys Law LLP
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The Bermuda Monetary Authority (BMA) has published a consultation paper entitled Proposed Enhancements to the Insurance Group Supervision Framework (CP).

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Nick Miles
Nick Miles
Reid Orchard
Reid Orchard
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The Bermuda Monetary Authority (BMA) has published a consultation paper entitled Proposed Enhancements to the Insurance Group Supervision Framework (CP).

The CP consults on seven proposed enhancements to the provisions of the Insurance Act 1978 (the Act) and other acts aimed at strengthening the supervision framework applicable to insurance groups. In summary, the proposed enhancements are:

  • that group supervision by the BMA be mandatory where the insurance group's ultimate parent company is in Bermuda. At the moment, group supervision is a discretionary matter for the BMA, with the presence of the ultimate parent company in Bermuda merely a material consideration when making a determination about group supervision.

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The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances. Kennedys operates in Bermuda in association with Kennedys Chudleigh Ltd.

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