The 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.
Bermuda
The Bermuda Monetary Authority Extends Class 4 Solvency Requirements to Class 3B Insurers
By Troutman Pepper Locke on
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. …
Join the U.S. Re Under 40s Group on October 7 at Katwalk
By Troutman Pepper Locke on
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. …
Bermuda Monetary Authority Publishes Report on the Bermuda Captive Insurance Market
By Troutman Pepper Locke on
Posted in Bermuda, Regulatory
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.” …
Bermuda Legislation Imposes a One-Time Levy on Some Class Four Insurance Companies
By Troutman Pepper Locke on
Posted in Bermuda
In an effort to cover the costs of raising supervisory standards, the Insurance Companies (Special Fees) Act will impose an one-off $230,000 levy on certain Class 4 insurance companies in Bermuda.…
Solvency II – Bermuda and Switzerland in Line for First Equivalency Assessments
By Troutman Pepper Locke on
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. …
Bermuda Continues Stride Towards Regulatory Equivalency with Solvency II
By Troutman Pepper Locke on
Posted in Bermuda, Regulatory
The Bermuda Monetary Authority (“BMA”) announced on June 1 that it had taken an important step towards achieving equivalence with the European Union’s imminent Solvency II regulations by initiating a pilot of its internal capital model (“ICM”) review process with Bermuda’s largest commercial insurers. …
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). …
International Association of Insurance Supervisors (IAIS) publishes guidance paper on insurance groups
By Troutman Pepper Locke on
On 12 April 2010, the IAIS published a guidance paper on the “treatment of non-regulated entities in group-wide supervision” (the Guidance), which is available here.
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Newsflash from the World Insurance Forum
By Troutman Pepper Locke on
Posted in Bermuda, Regulatory
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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