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.
Read MoreThe 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.
Read MoreThe 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.
Read MoreIn 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.
Read MoreThe 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.
Read MoreOn 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.
Read MoreOn 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.
Read MoreThe 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.
Read MoreIn its quarterly Regulatory Update, released October 21, 2010, the Bermuda Monetary Authority (“BMA”) summarizes its latest initiatives and proposals for the island’s insurance industry. A consultation paper titled, “A Solvency Framework for Long-Term Insurance,” proposes assigning Long-Term insurers to captive and commercial classes in order to enhance reporting and solvency standards.
Read MoreThe Massachusetts Division of Insurance (“MDOI”) recently amended its surplus lines laws to allow for the approval of alien unauthorized insurers in the state. Previously, Massachusetts required that alien surplus lines insurers maintain a trusteed surplus in the US of $20 million and file financial information on an annual basis following US accounting principles which effectively made obtaining surplus lines eligibility in the state prohibitive for alien insurers.
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