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Bermuda Insurance Act · Captives

Bermuda Insurance Act 1978 and Regulations for Captive Insurers

Updated September 2018 | Consolidated Acts

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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
  • The Insurance (Prudential Standards) (Insurance Managers Annual Return) Rules 2017
  • All amendments to date

The most recent legislative changes include:

  • A consequential amendment to section 19(1) of the Insurance Act 1978, made by section 6 of the Proceeds of Crime (Miscellaneous) (No. 2) Act 2018, operative 1 January 2019
  • the Insurance Amendment (No. 2) Act 2018, operative 30 July 2018 with respect to insurers carrying on long-term business, on 1 January 2019, with respect to insurers carrying on general business and composites
  • the Insurance Amendment Act 2018, operative 23 July 2018

Prior legislative updates:

  • An amendment to section 44B of the Insurance Act 1978 made by the Appeal Tribunals (Miscellaneous) Act 2017, in force 30 October 2017

While every effort has been made to ensure its accuracy, and it is believed that the only errors in the legislation are those contained in the statutes themselves (which errors have been faithfully reproduced), no responsibility is assumed for the content, and reference is made to the originals for an authoritative statement of the Insurance Act 1978 and related Rules, Regulations, and Orders.

Conyers Dill & Pearman
Hamilton, Bermuda 

September 2018

 

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