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The Bermuda Monetary Authority (“BMA”) has recently issued Guidance Notes in connection with the reclassification of Bermuda’s Class 3 insurers. The Insurance Amendment Act 2008 (“Amendment Act”) came into force on July 30, 2008 and created three new classes of insurers: Class 3A, Class 3B and Special Purpose Insurers. The Guidance Notes provide additional information in connection with the reclassification application process.
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Reclassification of Bermuda Class 3 Insurers