Conyers is a leading international law firm with a broad client base including FTSE 100 and Fortune 500 companies, international finance houses and asset managers. The firm advises on Bermuda, British Virgin Islands and Cayman Islands laws, from offices in those jurisdictions and in the key financial centres of Hong Kong, London and Singapore. We also provide a wide range of corporate, trust, compliance, governance and accounting and management services.
As a service to our clients, Conyers Dill & Pearman has prepared this Insurance Act 1978 Compendium. Bermuda Insurance
The most recent legislative changes include the Insurance Amendment Act 2016, in force 21 July 2016, (paragraphs 2 and 3 of Schedule 1 shall come into operation on 1 January 2017), the Insurance (Public Disclosure) Amendment Rules 2016, in force 13 May 2016, and the Insurance Account Rules 2016, in force 15 March 2016 and these Rules apply to financial years commencing on or after 1 January 2016. The Insurance Amendment (No. 3) Act 2015, in force 1 January 2016, the Bermuda Monetary Authority Amendment Act 2015, in force 1 January 2016 with the exception that Paragraph (2)(c)(ii) of the Fourth Schedule shall be deemed to have come into operation on 1 January 2015, the Insurance Amendment (No. 2) Act 2012 Commencement Day Notice 2015, which states that section 12 of the Insurance Amendment (No. 2) Act 2012 shall come into operation on 1 January 2016 and shall apply with respect to the financial year beginning on or after 1 January 2016, the Insurance Amendment (No. 2) Act 2015, sections 1, 3, 7, and 12, in force 13 July 2015, and sections 2, 4, 5, 6, 8, 9, 10, 11, 13, 14, 15 and 16 in force 1 January 2016, the Insurance (Eligible Capital) Amendment Rules 2014, in force 31 December 2015, the Insurance (Eligible Capital) Rules 2015, in force 1 January 2016, and the Insurance (Public Disclosure) Rules 2015, in force 1 January 2016. Other recent amendments include the Insurance Amendment Act 2015, in force 27 February 2015, with the exception of section 2, which came into force 31 December 2015, and the Bermuda Monetary Authority Amendment Act 2014, which repealed and replaced the Fourth Schedule Fees, in force 1 January 2015. For a complete list of amendments that have been incorporated into the Insurance Act 1978 and related legislation, please refer to the Table of Statutes.
Insurance (Group Supervision) Rules 2011 (as amended)
Insurance (Prudential Standards) (Insurance Group Solvency Requirement) Rules 2011 (as amended)
Insurance (Prudential Standards) (Class 3A Solvency Requirement) Rules 2011 (as amended)
Insurance (Prudential Standards) (Class C, Class D and1 Class E Solvency Requirement) Rules 2011 (as amended)
Insurance (Prudential Standards) (Class 4 and Class 3B Solvency Requirement) Rules 2008 (as amended)
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.
