Jurisdiction: Bermuda

The Bermuda Monetary Authority Extends Class 4 Solvency Requirements to Class 3B Insurers

In a continuing effort to enhance the supervisory regime for Bermuda-based (re)insurers ahead of third country assessment of its framework under Solvency II, the Bermuda Monetary Authority (“BMA”) issued a 2010 Amendment to the Insurance (Prudential Standards) (Class 4 Solvency Requirement) Order of 2008.  The 2010 Order, captioned Insurance (Prudential Standards) (Class 4 and Class 3B Solvency Requirement) Amendment Order 2010, will extend the requirements currently applicable to Class 4 insurers, to Class 3B insurers. 

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Join the U.S. Re Under 40s Group on October 7 at Katwalk

The next U.S. Re Under 40s Group event will be in New York, at Katwalk on October 7, starting at 6:00.  The U.S. Under 40s Group will be hosting members of the Bermuda Under 40s Re/Insurance Group while they are in New York.  It promises to be an excellent opportunity to meet our friends from Bermuda and  network with other members of the U.S. Re Under 40s Group. 

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Bermuda Monetary Authority Publishes Report on the Bermuda Captive Insurance Market

In August, the Bermuda Monetary Authority, in conjunction with the Bermuda Insurance Managers Association, published its third annual report on the Bermuda captive insurance market. The report, captioned “Bermuda Captives at the Close of the Decade: A Global Reflection,” builds on two previous reports: “A profile of the Bermuda Captive Insurance Market” dated February 2009 and “The Bermuda Captive Insurance Market – 2008 Update.” 

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Solvency II – Bermuda and Switzerland in Line for First Equivalency Assessments

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. 

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World Cup Insurance Estimated at Over 6 Billion Pounds

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). 

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Newsflash from the World Insurance Forum

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. 

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Bermuda: The Bermuda Monetary Authority Proposes Introducing Group-Wide Supervision in Further Move Towards Solvency II Equivalence

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. 

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