The Bermuda Insurance Act 1978 (the Act) has recently undergone significant change in relation to requirements to notify the Bermuda Monetary Authority (the Authority) of changes to controllers, directors or officers.
Registered insurance managers, brokers and agents must now file with the Authority, on or before 31 March in each year, a list of every person who has become or has ceased to be an officer or shareholder controller of that entity during the previous calendar year and the date of when that change took place.
Class 1, Class 2, Class A and Class B insurers and Special Purpose Insurers must notify the Authority, at the time of filing the company’s annual financial statements, of every person who has become or has ceased to be a shareholder, controller or director of the insurer and, where no registered insurance manager has been appointed to manage the affairs of the insurer, a list of every person who has become or has ceased to be an officer of that insurer. All other classes of insurer and the newly defined “Designated Insurers” must notify the Authority within 45 days of any person that has become or ceased to be an officer or controller of that insurer or of the parent company of the group, as the case may be.
