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ARTICLE · 21 DECEMBER 2012

Update: Bermuda Insurance Framework Development

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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

BermudaInsurance
Timothy Faries
Timothy Faries
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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.

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