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Recent amendments to The Bermuda Insurance Act 1978 (Act) have extended the enhanced solvency reporting requirements to Class 3A and Class E (Long-Term) insurers. These new regulations are broadly in line with those already applicable to Bermuda’s Class 4 and Class 3B insurers.
Provision has also been made for the paid up share capital requirement for Class C, D and E insurers to be reduced to $250,000 (from $500,000).
Additionally, fee provisions are to be amended to allow insurers to pay a prorated registration fee and for the Bermuda Monetary Authority (the Authority) to take variations in business volumes into account when considering annual fees for insurers.
The Act has also been amended to extend to Class 3A, Class C and Class D insurers the same restrictions that the Authority applies to Class 4 and Class 3B insurers as regards applications to reduce statutory capital.
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Bermuda Insurance Update – February 2012