In this FAQ, we delve into the
revisions made to the Bermuda Insurance Code of Conduct and provide
insights from an interview with George Jones, Executive Board
Member, shedding light on the significance and implications of
these changes.
What is the Bermuda Insurance Code of Conduct?
The Bermuda Insurance Code of Conduct, commonly referred to as
the Code, is a regulatory framework issued by the Bermuda Monetary
Authority (BMA) in accordance with the powers granted under Section
2BA of the Insurance Act 1978.
This Code sets out specific duties, requirements, and standards
that must be adhered to by all insurers registered under Section 4
of the Act. This includes a wide range of insurers, such as
commercial and limited-purpose insurers, as well as holders of
various licenses within the insurance industry. The primary
objectives of the Code are to ensure customer protection and
promote best practices within Bermuda's insurance sector.
