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Bermuda Insurance Act 1978 and Regulations for Commercial Insurers

Updated September 2018 | Consolidated Acts

Cover of Consolidated Bermuda Insurance Act 1978 and Regulations for Commercial Insurers

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

  • The Insurance Act 1978
  • The Insurance Account Rules 2016
  • The Insurance (Eligible Capital) Rules 2012
  • The Insurance (Public Disclosure) Rules 2015
  • The Insurance (Group Supervision) Rules 2011
  • The fee schedule applicable to insurance entities as set out in the Bermuda Monetary Authority Act 1969
  • All amendments to date

The Bermuda Insurance Act 1978 and Regulations for Commercial Insurers Compendium also includes consolidated versions of the following Rules, excluding the Schedules:

  • The Insurance (Prudential Standards) (Class 4 and Class 3B Solvency Requirement) Rules 2008
  • The Insurance (Prudential Standards) (Class 3A Solvency Requirement) Rules 2011
  • The Insurance (Prudential Standards) (Class C, Class D and Class E Solvency Requirement) Rules 2011
  • The Insurance (Prudential Standards) (Insurance Group Solvency Requirement) Rules 2011

Consolidated versions of the above Insurance Rules, including the Schedules, as well as Excel spread sheets with the BSCR model for each class of insurer and Bermuda Groups can be found on the Bermuda Monetary Authority website.

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, and the Insurance Amendment Act 2018, operative 23 July 2018

Other recent amendments include

  • The Insurance (Prudential Standards) (Insurance Group Solvency Requirement) Amendment Rules 2018
  • The Insurance (Prudential Standards) (Class C, Class D and Class E Solvency Requirement) Amendment Rules 2018
  • The Insurance (Prudential Standards) (Class 4 and Class 3B Solvency Requirement) Amendment Rules 2018
  • The Insurance (Prudential Standards) (Class 3A Solvency Requirement) Amendment
    Rules 2018 have been included in this update (without Schedules)

These amendment Rules come into operation 1 January 2019.

For a complete list of amendments that have been incorporated into the Insurance Act 1978 and related legislation, please refer to the Table of Statutes.

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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