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ARTICLE · 07 JANUARY 2019

New Requirements For Bermuda General And Composite Insurers Commence On 1 January 2019

Carey Olsen
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On the first of January new requirements for Bermuda general and composite insurers commence to ensure that Bermuda maintains an effective insurance regulatory and supervisory infrastructure.

BermudaInsurance
Mary V. Ward
Mary V. Ward
Henry Tucker
Henry Tucker
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On the first of January new requirements for Bermuda general and composite insurers commence to ensure that Bermuda maintains an effective insurance regulatory and supervisory infrastructure. This briefing gives a high level reminder of the amendments.

Bermuda's Insurance Amendment (No.2) Act 2018 made some important amendments to the Insurance Act 1978 (Act). The amendments:

  • became operative in respect of insurers carrying on long-term insurance business on 30 July 2018; and
  • become operative in respect of insurers carrying on general business and composite insurers on 1 January 2019.

The following represents a high level reminder of the amendments:

In respect of winding up of insurers in general:

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