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ARTICLE · 29 NOVEMBER 2010

The New Bermuda Solvency Capital Requirements

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On 2 July 2010, the Bermuda Monetary Authority (the "BMA") issued a draft of the Insurance (Prudential Standards) (Class 4 and Class 3B Solvency Requirement) Amendment Order 2010 (the "2010 Order").

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Timothy Faries
Timothy Faries
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On 2 July 2010, the Bermuda Monetary Authority (the "BMA") issued a draft of the Insurance (Prudential Standards) (Class 4 and Class 3B Solvency Requirement) Amendment Order 2010 (the "2010 Order").

The 2010 Order amends the Insurance (Prudential Standards) (Class 4 Solvency Requirement) Order 2008 that is already in place for Class 4 Insurers (the "2008 Order" and, as amended by the 2010 Order, the "New Order"), by extending its application to Class 3B Insurers. The New Order is part of the BMA's continuing programme to establish a risk-based capital model that will allow the BMA to better measure risk and determine appropriate levels of capitalization for Bermuda's insurance industry. The New Order is expected to be effective on 31 December 2010.

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