The Bermuda Monetary Authority (the "Authority") recently published an update to the industry on the developments of Bermuda's insurance framework and includes the following topics of interest
- Bermuda's priorities during this phase of regulatory evolution
- Bermuda's position regarding Solvency II implementation delay
- A comparison of Bermuda's framework advancements against other jurisdictions
- Status Overview of developments in Bermuda's insurance framework
Of particular note is the Authority's decision to (i) delay or defer certain elements of the published regulations; and (ii) implement transitional provisions in respect of some of the enhancements e.g. eligible capital requirements, following confirmations that Solvency II implementation would be further delayed.
The update provides further evidence of the Authority's commitment to international best practice standards of insurance.
A copy of the update can be found by clicking here.
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.
