Insurance & Reinsurance 2018: Roundtable

WWL: Have there been any major changes or developments in your jurisdiction over the past 12–18 months? How have these impacted your practice?

RAS: In August 2016, the Bermuda Monetary Authority (BMA) issued the Insurance Manager Code of Conduct requiring insurance managers to follow a set of procedures when carrying out their functions.

In September 2017, the Bribery Act 2016 became operative creating offences that apply to Bermuda individuals or corporate entities conducting business in or outside Bermuda and non-Bermuda individuals or corporate entities conducting business in Bermuda.

In March 2017, the AML/ATF Regulations were amended, expanding the duty on AML/ATF regulated financial institutions to act in circumstances where AML/ATF activity is suspected.