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ARTICLE · 25 SEPTEMBER 2019

New Codes Of Conduct For Insurance Intermediaries Will Help Maintain Bermuda's Reputation For Regulatory Excellence

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The Code will help underpin the jurisdiction's claim to regulatory excellence and adherence to international standards.

BermudaInsurance
Nick Miles
Nick Miles
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In February 2019, the Bermuda Monetary Authority (BMA) published its 'Insurance Brokers and Insurance Agents Code of Conduct' (the Code). The Code was issued pursuant to powers under Section 2BA of the Insurance Act 1978 (the Act) and will apply from 1 January 2020, to all insurance brokers and agents registered under the Act. The Code will help underpin the jurisdiction's claim to regulatory excellence and adherence to international standards.

The Code

The Code covers many areas that are already supervised, including the need to:

  • Maintain indemnity insurance, adequate accounting and other records
  • Conduct business in a prudent manner
  • Ensure that controllers are fit and proper

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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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