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ARTICLE · 19 MAY 2025

The Vital Role Of The Principal Representative

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Bermuda's regulatory framework requires every insurance company registered under the Insurance Act 1978, including those without a physical presence on the island, to appoint a principal representative...

BermudaInsurance
Ojeda Smith
Ojeda Smith
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Bermuda's regulatory framework requires every insurance company registered under the Insurance Act 1978, including those without a physical presence on the island, to appoint a principal representative approved by the Bermuda Monetary Authority.

This principal representative, who can be a natural person or a body corporate, serves as a crucial link between the insurer and the BMA.

The role of the principal representative is primarily detailed in the Insurance Act, The Insurance Code of Conduct, and guidance notes published by the BMA.

They act as a key point of contact, ensuring that the Government and the BMA's insurance division have a designated individual or company in Bermuda to oversee the insurer's affairs.

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