In an effort to cover the costs of raising supervisory standards, the Insurance Companies (Special Fees) Act will impose an one-off $230,000 levy on certain Class 4 insurance companies in Bermuda. read more
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On 14 July 2010, the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) published its draft advice on equivalence assessments to be undertaken in relation to three areas of the Solvency II directive, being reinsurance, group supervision and group solvency. CEIOPS proposes that in its first wave of assessments, Bermuda and Switzerland should be considered for equivalence in all of these areas and Japan in respect of reinsurance only. read more
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The Bermuda Monetary Authority (“BMA”) announced on June 1 that it had taken an important step towards achieving equivalence with the European Union’s imminent Solvency II regulations by initiating a pilot of its internal capital model (“ICM”) review process with Bermuda’s largest commercial insurers. read more
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According to an estimate provided by Lloyd’s of London, over £6.2 billion worth of insurance coverage has been purchased by individuals and entities in connection with the 2010 FIFA World Cup, which begins today. Over half of that amount is for coverage for stadiums and training facilities, which reflects the vast amount of money that has been spent constructing and upgrading stadiums ($5.5 billion, according to the New York Times). read more
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On 12 April 2010, the IAIS published a guidance paper on the "treatment of non-regulated entities in group-wide supervision" (the Guidance), which is available here.
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In his remarks Monday, March 15, 2010, at the World Insurance Forum in Bermuda, Jeremy Cox, Chief Executive Officer of the Bermuda Monetary Authority (BMA), announced that, during a break at the Forum, CEO Cox and Dr. Monica Mächler, Vice Chair of the Board of Directors of the Swiss Financial Market Supervisory Authority (FINMA), executed a Memorandum of Understanding (MoU) between the BMA and FINMA. read more
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The Bermuda Monetary Authority (the BMA) published a consultation paper on 5 February 2010 entitled "Consultation Paper on The Bermuda Monetary Authority's Proposed Insurance Groups Regulatory Framework" (the Paper). The Paper outlines the BMA's proposal for the implementation of a group-wide supervisory regime and outlines the conditions under which the BMA would seek to be considered the Group-Wide Supervisor. read more
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In an interview with Bloomberg, Chaucer's chief executive officer Bob Stuchbery has indicated that Chaucer will consider redomiciliation out of the UK this year, noting that he would much prefer that Chaucer remained in the UK under a more competitive corporation tax environment. read more
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On 14 January 2010 the Bermuda Monetary Authority (BMA) presented its regulatory framework Business Plan for the year ahead at its Annual General Meeting. read more
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In December 2008, Michael Foot (formerly of the Bank of England, the FSA and the Central Bank of the Bahamas) was appointed by the UK Chancellor of the Exchequer to identify the opportunities and challenges facing the British Crown Dependencies (Guernsey, Isle of Man, Jersey) and six Overseas Territories (Anguilla, Bermuda, British Virgin Islands, Cayman Islands, Gibraltar, Turks and Caicos Islands). read more
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The Bermuda Monetary Authority (BMA) has published an Information Bulletin (the Bulletin), dated 5 October 2009, setting out the BMA’s approach to the supervision of special purpose insurers (SPI) and the requirements that SPIs must meet to be licensed. read more
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Jeremy Cox will succeed Matthew Elderfield as CEO of the BMA at the beginning of next year. Matthew Elderfield, the current CEO of the BMA, is stepping down at the end of this year to take up the post of director of financial regulation at the Central Bank of Ireland. read more
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On 1 October 2009 the Bermuda Monetary Authority (BMA) published three market communications outlining proposals on a variety of developments to its regulatory framework. Initially the proposals are only intended to apply to Class 4 and Class 3B insurers and reinsurers due to their high risk profiles. read more
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The Bermuda Monetary Authority (the BMA) has recently published a consultation paper (the Paper) outlining proposals on how it intends to enhance its disclosure and transparency regimes. read more
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EAPD is delighted to announce that it will again this year host a half-day insurance seminar which will be repeated in Bermuda, New York and Boston. read more
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Edwards Angell Palmer & Dodge is delighted to announce that it will again this year host a half-day seminar which will be repeated in Bermuda, New York and Boston. read more
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The BMA has recently issued a bulletin which reports on its recent activities and on recent developments affecting the financial sector, as well as the community generally. The bulletin includes the following regulatory update on the (re)insurance sector. read more
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As part of its continued review and update of the regulatory system in Bermuda, the Bermuda Monetary Authority (BMA) has published three papers: a discussion paper on the implementation of a group-wide supervisory framework and a guidance note on Special Purpose Insurers, both published on 31 March 2009, and the road map to mutual recognition published 13 February 2009. read more
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In a letter to the G20 members, the Geneva Association, an organization comprised of CEOs from the world’s leading insurance and reinsurance companies, provided recommendations for more effective regulation of the insurance and reinsurance industry, along with information and analysis regarding the differences between the insurance and reinsurance industry and that of the banking industry. read more
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On March 9, 2009, the International Association of Insurance Supervisors (“IAIS”) released an Issues Paper on Group-Wide Solvency Assessment and Supervision (the “Issues Paper”). The purpose of the Issues Paper is to serve as a framework for the development of future papers providing guidance on group-wide solvency assessment and supervision on a global scale. read more
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At its inaugural annual meeting on 15 January 2009, the Bermuda Monetary Authority (BMA) published its Business Plan for 2009 (the Plan). This is the second year that the Plan has been made public and demonstrates the continuing drive for transparency in the work of the BMA. read more
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On January 20, 2009, Maiden Holdings, Ltd. (“Maiden Holdings”), a Bermuda based holding company, completed a private placement of trust preferred securities with a face amount of $260MM through Maiden Holdings North America, Ltd. (“Maiden NA”), wholly-owned subsidiary of Maiden Holdings. read more
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Maiden Holdings, Ltd., a Bermuda based holding company, and its subsidiary, Maiden Insurance Company, Ltd., a Bermuda reinsurer, on November 3, 2008 acquired the GMAC Re reinsurance business from GMAC LLC. read more
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On 8 August 2008, the Bermuda Monetary Authority (the BMA) announced significant enhancements to Bermuda’s solvency and disclosure regulations for insurance which were intended to help Bermuda achieve recognition as having equivalent regulatory standards to those in Europe ( see our previous post here).
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Mr. Matthew Elderfield, CEO of the Bermuda Monetary Authority (BMA), issued a press statement on 7 October 2008 to alleviate concern and uncertainty in Bermuda arising from the widespread instability within the global financial sector. read more
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The BMA is taking a proactive role in managing the ripple effects of sub-prime on Bermuda in a way that mitigates risk effectively. In response to the sub-prime mortgage crisis, the BMA has been conducting market surveys since August 2007 to assess the impact of this global issue. read more
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On September 29, 2008, New York State Insurance Superintendent Eric Dinallo and Chief Executive Officer Matthew Elderfield of the Bermuda Monetary Authority (“BMA”) signed a memorandum of understanding (the “MoU”). read more
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A case that began more than a decade ago has reached judgment in the Supreme Court of Bermuda. The case, Lisa S.A. v Leamington Reinsurance Company Ltd and Avicola Villalobos S.A. 1999: No. 108/2001 No 79, concerned a Guatemalan company, Lisa SA (Lisa), which brought an action against Avicola Villalobos S.A. (AVSA) also a Guatemalan company and Leamington Reinsurance Company Ltd (Leamington) a Bermuda captive reinsurer which reinsured the companies in the Avicola group only. read more
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Edwards Angell Palmer & Dodge's Insurance and Reinsurance Department will host a webinar on the above topic on Monday, September 29, 2008 at 12:00 PM EDT / 5:00 PM BST. read more
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Earlier today, AIG issued this press release in response to policyholder concerns about the company.
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Edwards Angell Palmer & Dodge's Insurance and Reinsurance Department will host a webinar on the above topic on Monday, September 29, 2008 at 12:00 PM EDT / 5:00 PM BST. read more
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Today, Thursday, August 28, Edwards Angell Palmer & Dodge's Insurance and Reinsurance Department will host a webinar entitled "Insurance Implications of Climate Change". This 60 minute webinar will comprise a discussion of the global legal framework which recognizes the reality of climate change. read more
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Following the recent passing of the Insurance Amendment Act 2008, the Bermuda Monetary Authority (BMA) has announced that it will introduce the Bermuda Solvency Capital Requirement (BSCR), an enhanced solvency regime to apply to Bermuda's Class 4 reinsurers. The BSCR is intended to establish risk-based capital adequacy standards for high impact reinsurers. read more
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On Thursday, August 28, Edwards Angell Palmer & Dodge's Insurance and Reinsurance Department will host a webinar entitled "Insurance Implications of Climate Change". This 60 minute webinar will comprise a discussion of the global legal framework which recognizes the reality of climate change. read more
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The Code requires ABIR's and BIRBA's members to provide certainty in coverage terms and conditions to both policyholders and ceding insurers. read more
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Today is the one-year anniversary of the launch of InsureReinsure.com and we mark the occasion by adding an additional feature for our readers. Beginning today, on the left-hand side of your screen, you will see a new link allowing you to "subscribe" to InsureReinsure.com to receive emails each workday morning with links to the prior day’s posts. read more
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Please join the U.S. Reinsurance Under 40s Group for its Spring Event on May 29 in New York. read more
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The Government of Bermuda has reinforced its commitment to ensuring that Bermuda has a strong, robust and effective regime for the combating of money laundering and terrorist financing by issuing, for consultation and comment, draft legislation and other related documents relating to Anti-Money Laundering (AML) and Counter Terrorism Financing (CTF). read more
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The Bermuda Monetary Authority (BMA) reported on 14 April 2008 that the Bermuda insurance market continues to maintain a strong performance, against a backdrop of a soft global market. read more
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The Bermuda Monetary Authority (BMA) has launched a new website providing detail about Bermuda’s regulatory standards online, which demonstrates the BMA’s commitment to providing open, transparent regulatory frameworks and requirements. read more
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The Bermuda Monetary Authority ( BMA) has published its 2008/9 Business Plan ( click here to view the Plan). The Business Plan sets out the BMA's goal to become internationally recognised as a leading risk-based financial regulator.
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The Bermuda Monetary Authority has appointed, with immediate effect, the current supervisor of insurance, Jeremy Cox, as deputy to CEO, Matthew Elderfield. The BMA is the body responsible for, among other things, regulating and supervising financial institutions in Bermuda, including those conducting deposit-taking, insurance, investment and trust business in Bermuda. read more
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Today marks a new beginning at InsureReinsure.com and we want to welcome all of our new readers to this Blog. read more
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Lloyd’s recently issued a press release that it has begun offering a new type of cover – an event cancellation policy that will indemnify insureds for their losses if Christmas is cancelled, postponed, interrupted, curtailed or relocated due to the Grinch’s actions. read more
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In C v D [2007] EWCA Civ 1282, D insured C under a Bermuda Form policy that provided for London arbitration and was governed by New York Law. C commenced arbitration proceedings in London against D for unpaid monies and the Tribunal held that C was entitled to recover in full. read more
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A review by the FSA, published on 3 December 2007, has found that firms are not doing enough to ensure that their ARs are treating customers fairly in the sale of general insurance. read more
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Today is the sixth-month anniversary of the launch of InsureReinsure.com and we want to thank all of you for your readership and support. read more
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Bermuda Premier Ewart Brown of the Progressive Labour Party (“PLP”) has announced, through a video posted on YouTube, that Bermuda will hold its first general election since 2003. read more
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On September 26, 2007, William R. Berkley, Chairman and C.E.O. of W.R. Berkley Corporation, the ninth largest commercial insurer in the U.S., addressed the Senate Finance Committee concerning an alleged flaw in the current U.S. tax system that provides certain economic advantages to foreign property and casualty insurers domiciled in favorable tax jurisdictions, such as Bermuda. read more
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A recent ruling from the English Commercial Court illuminates one risk with the use of the Bermuda form arbitration clause: if the losing party is dissatisfied with the arbitration result, it may not be permitted to challenge the result under New York law in a New York court, but may instead be limited to challenging the arbitration award under English law in English court. read more
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Earlier this week, the Reinsurance Task Force (“RTF”) met at the NAIC’s quarterly conference in San Francisco to discuss ways to overhaul reinsurance regulation in the United States thereby reducing collateral charges for nonadmitted reinsurers. read more
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