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ARTICLE · 06 SEPTEMBER 2019

Updates To Bermuda's Insurance Act Aim To Encourage Innovation

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Amendments to the Insurance Act 1978, which became operative on 5 August, have introduced two new classes of insurer and a new category of insurance intermediary.

BermudaInsurance
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Sophia Greaves
Sophia Greaves
Chiara Nannini
Chiara Nannini
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Amendments to the Insurance Act 1978, which became operative on 5 August, have introduced two new classes of insurer and a new category of insurance intermediary. The changes are designed to provide alternative regimes appropriate for insurers and intermediaries focused on innovative and technology-based solutions.

The Insurance Amendment Act 2019 was introduced following a consultation paper circulated by the Bermuda Monetary Authority in May.

The two new insurer classes are:

  • Collateralized Insurer (CI) – insurers that carry on special purpose business but do not qualify for the "Special Purpose Insurer" or Class 3 insurer regulatory frameworks. The CI class is designed for insurers seeking to transact with a wide variety of cedant types, including unrated, non-affiliated cedants.

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