Bermuda Insurance Update - Reclassification of Insurers & Risk Based Capital Model

David J. Doyle, Kent Smith • Posted 10/06/2008 • Under Articles

RECLASSIFICATION OF BERMUDA CLASS 3 INSURERS & INTRODUCTION OF RISK BASED CAPITAL MODEL

The Bermuda Monetary Authority ("BMA") has recently issued a paper outlining proposals for the reclassification of Bermuda's Class 3 insurers and the introduction of a risk based capital model to be applied to certain Class 3's. The proposed changes, once implemented, will constitute another important milestone in the development of Bermuda's insurance regulatory framework as it strives to enhance its international reputation as a leading insurance and reinsurance domicile.