Bermuda Archives - Page 4 of 8 - Insurance & Reinsurance

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

Mar 3, 2010 | Regulatory, Solvency II | Bermuda

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.

Chaucer Latest Lloyd’s Entity to Consider New Domicile

Jan 26, 2010 | Lloyd's, Regulatory, Solvency II, Tax Related Developments | Bermuda, European Union, United Kingdom

In an interview with Bloomberg, Chaucer’s chief executive officer Bob Stuchbery has indicated that Chaucer will consider redomiciliation out of the UK this year, noting that he would much prefer that Chaucer remained in the UK under a more competitive corporation tax environment.

Bermuda: Bermuda Monetary Authority Publishes its 2010 Business Plan

Jan 19, 2010 | Regulatory | Bermuda

On 14 January 2010 the Bermuda Monetary Authority (BMA) presented its regulatory framework Business Plan for the year ahead at its Annual General Meeting.

UK: Foot Report on British Offshore Financial Centres Published

Nov 10, 2009 | Regulatory | Bermuda, European Union, United Kingdom

In December 2008, Michael Foot (formerly of the Bank of England, the FSA and the Central Bank of the Bahamas) was appointed by the UK Chancellor of the Exchequer to identify the opportunities and challenges facing the British Crown Dependencies (Guernsey, Isle of Man, Jersey) and six Overseas Territories (Anguilla, Bermuda, British Virgin Islands, Cayman Islands, Gibraltar, Turks and Caicos Islands).

Bermuda: Bermuda Monetary Authority Publishes Guidance on Special Purpose Insurers

Oct 26, 2009 | Regulatory | Bermuda

The Bermuda Monetary Authority (BMA) has published an Information Bulletin (the Bulletin), dated 5 October 2009, setting out the BMA’s approach to the supervision of special purpose insurers (SPI) and the requirements that SPIs must meet to be licensed.

Bermuda: Cox appointed CEO of the Bermuda Monetary Authority (BMA) Effective 1 January 2010

Oct 21, 2009 | Regulatory | Bermuda

Jeremy Cox will succeed Matthew Elderfield as CEO of the BMA at the beginning of next year. Matthew Elderfield, the current CEO of the BMA, is stepping down at the end of this year to take up the post of director of financial regulation at the Central Bank of Ireland.

Bermuda: The Bermuda Monetary Authority Publishes Market Communications on its Regulatory Framework

Oct 15, 2009 | Regulatory | Bermuda

On 1 October 2009 the Bermuda Monetary Authority (BMA) published three market communications outlining proposals on a variety of developments to its regulatory framework. Initially the proposals are only intended to apply to Class 4 and Class 3B insurers and reinsurers due to their high risk profiles.

Bermuda: Bermuda Monetary Authority Publishes Consultation Paper on Disclosure and Transparency

Jul 21, 2009 | Regulatory | Bermuda

The Bermuda Monetary Authority (the BMA) has recently published a consultation paper (the Paper) outlining proposals on how it intends to enhance its disclosure and transparency regimes.