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ARTICLE · 19 APRIL 2023

ESG And Good Governance Developments In The Bermuda Insurance Sector

Carey Olsen
Carey Olsen
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Bermuda is a popular domicile for limited purpose insurers, being insurance companies established for purposes of self-insurance, as well special purpose...

BermudaInsurance
Gavin Woods
Gavin Woods
Alexander Collis
Alexander Collis
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Bermuda is a popular domicile for limited purpose insurers, being insurance companies established for purposes of self-insurance, as well special purpose insurers. Bermuda is also a significant domicile for commercial insurers and reinsurers. The attractiveness of Bermuda to the insurance industry has resulted in a legal and regulatory regime that is bifurcated to facilitate the co-existence of these two broad categories of insurer, both of which are regulated by the Bermuda insurance regulator: the Bermuda Monetary Authority (the BMA).

The development of Bermuda's insurance regime is a result of prevailing market conditions and considerations. Recent enhancements to Bermuda's insurance regime have focused on commercial insurers (particularly in the life sector) and this trend looks to continue through and beyond 2023. That said, the BMA recently updated the Insurance Code of Conduct (the Code) in September 2022. The Code applies to all Bermuda insurance companies

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