Welcome to the latest edition of Bermuda Corporate Insurance Brief
Headlines in this edition include:
- Clarifications and enhancements regarding adjustments of statutory capital and surplus under the Insurance Act 1978
- An overview of the advantages of and process for registering a captive insurer in Bermuda
- Recent developments bolstering Bermuda's global position in the captive arena
- Update on economic substance scope and filing requirements
- Update on the appointment of Bermuda's Privacy Commissioner
- Outline of the process of effecting an amalgamation or a merger in Bermuda
- The race to become the jurisdiction of choice for international arbitrations
Adjustment of insurers' statutory capital and
surplus - clarifications and enhancements
A review of the powers of the BMA to adjust statutory capital and
surplus and related changes following the Insurance Amendment Act
2019.
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Bermuda captive insurers
For anyone considering registering a captive insurer in Bermuda,
this paper provides an overview of the licensing requirements and
process, the prudential and conduct standards that a captive
insurer will need to meet and the on-going filing and other
requirements.
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Bermuda captive industry – still substantially in
the lead
With fears that the implementation of an 'economic
substance' regime in Bermuda might dent its prominent captive
industry, we look into these developments and how they promise fair
winds for 2020.
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Update on Bermuda economic substance scope and filing
requirements
Bermuda's economic substance regime has been brought into
closer alignment with other jurisdictions for substance laws, as
well as achieving greater uniformity these changes represent
welcome clarification of the scope of some of the
requirements.
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Bermuda appoints Privacy Commissioner
With the appointment of the Privacy Commissioner, we discuss how
they are likely to spend the first year in office and conjecture as
to the likely timing of implementation of the remaining provisions
of the PIPA.
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Bermuda amalgamations and mergers
Given the considerable overlap in the process of effecting an
amalgamation or a merger, this memorandum addresses both
procedures.
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An offshore International Arbitration Centre for the
Americas: is there room for only one?
The British Virgin Islands has gone 'all in' to establish
itself as a leading venue for international arbitrations, now the
BVI's regional rivals, Bermuda and the Cayman Islands, are
attempting to get in on the act.
Read more...
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances. Kennedys operates in Bermuda in association with Kennedys Chudleigh Ltd.