Bermuda Insurance Act 1978 And Regulations For Commercial Insurers

• Published date: 08 December 2022
• Subject Matter: Insurance, Insurance Laws and Products
• Law Firm: Conyers
• Author: Conyers

The Bermuda Insurance Act 1978 and Related Legislation for Commercial Insurers contains consolidated versions of:

• The Insurance Act 1978
• The Insurance Account Rules 2016
• The Insurance (Eligible Capital) Rules 2012
• The Insurance (Public Disclosure) Rules 2015
• The Insurance (Group Supervision) Rules 2011
• The fee schedule applicable to insurance entities as set out in the Bermuda Monetary Authority Act 1969, Fourth Schedule
• All amendments to date

The Bermuda Insurance Act 1978 and Related Legislation for Commercial Insurers Compendium also includes consolidated versions of the following Rules, excluding the Schedules:

• The Insurance (Prudential Standards) (Class 4 and Class 3B Solvency Requirement) Rules 2008
• The Insurance (Prudential Standards) (Class 3A Solvency Requirement) Rules 2011
• The Insurance (Prudential Standards) (Class C, Class D and Class E Solvency Requirement) Rules 2011
• The Insurance (Prudential Standards) (Insurance Group Solvency Requirement) Rules 2011

Consolidated versions of the above Insurance Rules, including the Schedules, as well as Excel spread sheets with the BSCR model for each class of insurer and Bermuda Groups can be found on the Bermuda Monetary Authority website.

The most recent legislative changes include:

• aamendments to the Insurance (Prudential Standards) (Insurance Group Solvency Requirement) Rules 2011 made by the Insurance (Prudential Standards) (Insurance Group Solvency Requirement) Amendment (No. 2) Rules 2022, amendments to the Insurance (Prudential Standards) (Class C, Class D and Class E Solvency Requirement) Rules 2011 made by the Insurance (Prudential Standards) (Class C, Class D and Class E Solvency Requirement) Amendment (No. 2) Rules 2022, amendments to the Insurance (Prudential Standards) (Class 3A Solvency Requirement) Rules 2011 made by the Insurance (Prudential Standards) (Class 3A Solvency Requirement) Amendment (No. 2) Rules 2022, and amendments to the Insurance (Prudential Standards) (Class 4 and Class 3B Solvency Requirement) Rules 2008 made by the Insurance (Prudential Standards) (Class 4 and Class 3B Solvency Requirement) Amendment (No. 2) Rules 2022, all deemed to have effect 1 July 2022
• amendments to the Fourth Schedule to the Bermuda Monetary Authority Act 1969 under the heading Insurance Act 1978 made by section 3(a) of the Bermuda Monetary Authority Amendment (No. 2) Act 2022, deemed to have come into operation 1 January 2022
• amendments to the Schedules to the Insurance (Prudential...