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In 2012, 53 new insurance companies were incorporated in Bermuda; of these, 27 were registered as special purpose insurers, 9 long-term and 17 general business insurers.
The Bermuda Monetary Authority (BMA) significantly reduced the annual licence fees for Special Purpose Insurers from US$11,600 to US$6,000. Additionally, the Insurance Amendment Act 2012 introduced provisions that further enhance the BMA’s power to regulate the industry effectively by strengthening its disciplinary “tools”. The new powers provide for the imposition of civil penalties, the making of prohibition orders, the power to order injunctive relief and to censure registered persons publically.
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Insurance Review 2012