The Insurance Amendment Act 2014 (the Bill) was tabled in the House of Assembly on 28 November 2014 and seeks to amend the Insurance Act 1978 (the Principal Act) by making changes to the regulation of Bermuda's insurance business.
These regulatory changes include:
- Aligning Bermuda's insurance framework to take into account Solvency II standards and initiatives;
- Provisions for "insurance business" conducted by friendly societies and trade associations to be brought into the scope of the Principal Act; and
- Corporate governance requirements relating to the introduction and implementation of insurers' corporate policies and procedures, and composition of the Board, to address technical matters which have arisen through either internal discussion or external consultation.
The Bill, except for the provisions in relation to friendly societies and trade associations, is due to become operative on 1 January 2015.
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.
