Reclassification of Bermuda Class 3 Insurers

David J. Doyle, Kent Smith • Posted 01/12/2008 • Under Articles

GUIDANCE NOTES: RECLASSIFICATION OF BERMUDA CLASS 3 INSURERS

The Bermuda Monetary Authority (“BMA”) has recently issued Guidance Notes in connection with the reclassification of Bermuda’s Class 3 insurers. The Insurance Amendment Act 2008 (“Amendment Act”) came into force on July 30, 2008 and created three new classes of insurers: Class 3A, Class 3B and Special Purpose Insurers. The Guidance Notes provide additional information in connection with the reclassification application process.