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Effective December 31, 2010, the Insurance Act 1978 (Insurance Act) was amended to introduce, amongst other things, a new solvency framework for long‐term insurers.
Under this new framework, long‐term insurers will have to meet a new prescribed minimum solvency margin which will vary depending on the category of their registration and their net premiums written and loss reserves (minimum solvency margin).
Learn more in the article below.
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New Solvency Framework for Long-Term Insurers in Bermuda