Joining Guernsey and the Cayman Islands, Jeremy Cox, CEO of the Bermuda Monetary Authority, announced that Bermuda will not apply Solvency II to captives. Mr. Cox’s remarks came during his presentation of the BMA’s 2013 Business Plan on January 29, 2013. Click here for the BMA’s press release.
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Bermuda
Edwards Wildman Honored as ‘Best Global Law Firm of the Year’ by Reactions
Edwards Wildman Palmer LLP is pleased to announce that Reactions, a leading insurance publication, has named the firm “Best Global Law Firm of the Year” at its Global Awards. The awards were presented at the Reactions Global Awards Gala Dinner on September 19 in New York. …
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BMA Lowers SPI License Fees
By Troutman Pepper Locke on
Posted in Bermuda, Regulatory
The Bermuda Monetary Authority (“BMA”) has taken the dramatic and competitive action of reducing its annual registration fees for Special Purpose Insurers (“SPI”) by almost 50% from $11,600 to $6,000. Click here for the BMA’s press release. …
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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: New Requirements to Notify the Authority for Changes in Controllers, Directors and Officers
By Troutman Pepper Locke on
Posted in Bermuda
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. …
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Bermuda Currently Negotiating TIEA with Czech Republic
By Troutman Pepper Locke on
Posted in Bermuda
In an ongoing effort to strengthen its commitment to internationally agreed upon tax standards, Bermuda is currently negotiating a tax information exchange agreement (“TIEA”) with the Czech Republic. …
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Bermuda: Government Announces Plans for Tax Assurance Extension
By Troutman Pepper Locke on
Posted in Bermuda
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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Bermuda Monetary Authority Extends Deadline for Compliance with the Insurance Code of Conduct
By Troutman Pepper Locke on
Posted in Bermuda
On December 23 the Bermuda Monetary Authority (“BMA”) released its regulatory update for the third quarter of 2010. For the insurance sector, the most significant development is the BMA’s announcement that it is extending the transition period for full compliance with the Insurance Code of Conduct. …
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Bermuda Signs Tax Information Exchange Agreement with China
By Troutman Pepper Locke on
Posted in Bermuda
On December 2 2010, Bermuda signed a Tax Information Exchange Agreement (“TIEA”) with the People’s Republic of China in an effort to strengthen the economic and political ties between the two countries. Both Bermuda and China served as co vice-chairs of the Organisation for Economic Co-operation and Development (“OECD”) Global Forum on Transparency and Exchange of Information for Tax Purposes and the TIEA established between the two countries is based on the OECD’s principles of transparency and cooperation. …
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International Association of Insurance Supervisors issues paper on the role of participants in MicroInsurance
By Troutman Pepper Locke on
The International Association of Insurance Supervisors (IAIS) has produced a joint issues paper with the MicroInsurance Network regarding the role of mutuals, cooperatives and community-based organisations (MCCOs) in insurance markets. …
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