Jurisdiction: Bermuda

Swan Appointed Managing Director, Supervision by BMA

The Bermuda Monetary Authority (BMA) announced that it has appointed Craig Swan, formerly the BMA’s Director, Insurance Supervision, to the newly created post Managing Director, Supervision. Mr. Swan will lead all of the BMA’s regulatory functions. The Director, Banking, Trust, Corporate Services and Investment and Director, Insurance Supervision will each report to Mr. Swan.

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Validus Launches a Challenge to the IRS’ Cascading Federal Excise Tax Ruling

On 25 January 2013, Validus Reinsurance Ltd (Validus), a reinsurer domiciled in Bermuda, filed a suit in the District Court of the District of Columbia against the United States of America for the repayment of taxes which they allege were wrongly demanded by the IRS. The tax was assessed under the Federal Excise Tax (FET) regime, which (among other things) imposes a 1% tax on premiums under contracts of reinsurance with foreign reinsurers covering risks in the US (s4371 of the Internal Revenue Code). 

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Edwards Angell Palmer & Dodge and Wildman, Harrold, Allen & Dixon LLP Announce Merger

The law firms of Edwards Angell Palmer & Dodge LLP and Wildman, Harrold, Allen & Dixon LLP today announced that they will merge on October 1, 2011 (you can read the press release here).   The new firm, with 13 offices and 650 lawyers, will be known as Edwards Wildman Palmer LLP. 

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Bermuda: Government Announces Plans for Tax Assurance Extension

The Bermuda government, under the new leadership of Paula Cox, intends to adopt legislation in 2011 that will extend assurances granted to exempted companies under the Exempted Undertakings (Tax Protection) Act 1966 (“The Act”).  The plan was mentioned by Bermuda’s Governor in his November Throne Speech, which set out the government’s agenda for 2011. 

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