Bermuda Insurance Act 1978 And Regulations For Captive Insurers

• Law Firm: Conyers
• Subject Matter: Insurance, Insurance Laws and Products
• Author: Conyers
• Published date: 16 January 2023

The Bermuda Insurance Act 1978 and Regulations for Captive Insurers contains consolidated versions of:

• The Insurance Act 1978
• The Insurance Accounts Regulations 1980
• The Insurance Returns and Solvency Regulations 1980
• 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 Captive Insurers also includes the following, excluding the schedules:

• Consolidations of the Insurance Accounts Regulations 1980
• The Insurance Returns and Solvency Regulations 1980
• The Insurance (Prudential Standards) (Insurance Managers Annual Return) Rules, 2017
• The Insurance (Prudential Standards) (Insurance Brokers and Agents Annual Return) Rules 2018

Consolidated versions of the above Insurance Rules, Regulations, and Schedules can be found on the Bermuda Monetary Authority

The most recent legislative changes include:

• amendments to the Insurance Act 1978, Insurance Account Regulations 1980, and the Fourth Schedule to the Bermuda Monetary Act 1969 made by the Insurance Amendment Act 2022, operative 20 December 2022

Other recent legislative updates include:

• 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 made to the Insurance Act 1978 by the Insurance Amendment Act 2021, operative 23 December 2021
• amendments to the Fourth Schedule of the Bermuda Monetary Authority Act 1969 made by the Bermuda Monetary...