The first company and incorporated segregated account
(ISA) to be registered in Bermuda under the Incorporated Segregated
Accounts Company Act 2019 (ISAC Act) have been licensed as
insurance companies. Conyers advised on the incorporation of both
the ISAC and ISA and their registration as insurers, working
closely with the Bermuda Monetary Authority and the Registrar of
Companies.
The ISAC Act, which became operative in January 2020, is
companion legislation to the Segregated Accounts Companies Act 2000
(SAC Act). Bermuda segregated account companies (SACs) are well
known and widely accepted structures that have been used by Bermuda
insurance companies for many years.
The first Bermuda ISAC and ISA were registered as a Special
Purpose Insurers to run a specialised insurance programme. An
incorporated segregated account structure was chosen for this
programme because of the added security and understanding that the
separate legal status of each ISA provides.
