1 REGULATORY
1.1 Which government bodies/agencies regulate insurance
(and reinsurance) companies?
The Bermuda Monetary Authority (the "BMA"), an
independent (non-governmental) body created by statute, is
responsible for the licensing and supervision of insurance and
reinsurance companies and has broad enforcement and disciplinary
powers. The Minister of Finance has limited powers, on the advice
of the BMA, to make regulations prescribing the division of
insurance and reinsurance companies into different insurance
classes, the value to be attributed to assets and liabilities of
insurance and reinsurance companies, the information to be provided
by insurance and reinsurance companies in their regulatory returns
and to make exemptions from provisions of the Insurance Act 1978
(the "Insurance Act"). In addition, the Minister of
Finance is responsible for issuing permits to "non-resident
insurance undertakings" (see the answer to question 1.3
below).
