Anticipated Regulatory Changes for Long-Term Insurers in Bermuda

David J. Doyle, Kent Smith • Posted 01/03/2011 • Under Articles

In a paper entitled A Solvency Framework for Long-Term Insurance, the Bermuda Monetary Authority outlined its plans to extend the new regulatory and disclosure framework currently being phased in for Bermuda’s commercial general business insurers to the new Class E, D and C Long-term insurers ("Commercial Long-term Insurers").

Some of the changes discussed in this article will apply to the new Class E insurers immediately upon their reclassification and, beginning in 2012, these new regulations are expected to be extended to all Commercial Long-term Insurers on a phased in basis.