Bermuda Insurance Industry Governance, Risk and Compliance Report 2019 – ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)-- The "Governance, Risk and Compliance - The Bermudian Insurance Industry" report has been added to ResearchAndMarkets.com's offering.

"Governance, Risk and Compliance - The Bermudian Insurance Industry", is the result of extensive research into the insurance regulatory framework in the Bermuda. It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance.

The Bermuda Monetary Authority (BMA), in accordance with the rules and regulations stipulated in the Insurance Act 1978, regulates and supervises the Bermudian insurance and reinsurance industry. The BMA is the government regulatory body for the supervision and regulation of the financial service sector, including the territory's insurance industry. It was established under the Bermuda Monetary Authority Act 1969. The government of Bermuda enacted the Insurance Act in 1978 and introduced various amendments to the acts in successive years. Major amendments were introduced in 1981, 1983, 1985, 1995, 1998, 2001, 2002, 2006, 2008, 2010, 2012, 2013, 2015 and last in 2018.

Key Takeaways

• The BMA supervises and regulates the Bermudian insurance and reinsurance industry
• Effective from January 1, 2016, Bermuda's commercial insurers and reinsurers' regimes were declared equivalent to EC's Solvency II regime
• 60% FDI is permitted in the Bermudian insurance industry
• Social insurance system, health insurance, motor third-party liability insurance, merchant shipping insurance, workers' compensation insurance and professional indemnity insurance are the key classes of compulsory insurance in the Bermudian insurance industry
• The government of Bermuda does not impose any tax on corporate incomes, capital gains, and dividends

The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

Including

• An overview of the insurance regulatory framework in the Bermuda
• The latest key changes, and changes expected in the country's insurance regulatory framework
• Key regulations and market practices related to different types of insurance product in the country
• Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in the Bermuda
• Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations
• Details of the tax and legal systems in the country

Scope

• The report covers details of the insurance regulatory framework in the Bermuda.
• The report contains details of the rules and regulations governing insurance products and insurance entities.
• The report lists and analyzes key trends and developments pertaining to the country's insurance regulatory framework.
• The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.
• The report provides details of taxation imposed on insurance products and insurance companies.

Key Topics Covered:

1 INTRODUCTION

1.1 What is this Report About?

1.2 Definitions

2 GOVERNANCE, RISK AND COMPLIANCE

2.1 Legislation Overview and Historical Evolution

2.2 Latest Changes in Regulation

2.3 Legislation and Market Practice by Type of Insurance

2.3.1 Life insurance

2.3.2 Property insurance

2.3.3 Motor insurance

2.3.4 Liability insurance

2.3.5 Marine, aviation and transit insurance

2.3.6 Personal accident and health insurance

2.4 Compulsory Insurance

2.4.1 Social security insurance for old age, disability and survivors

2.4.2 Motor third-party liability insurance

2.4.3 Merchant shipping insurance

2.4.4 Workers' compensation insurance

2.4.5 Health insurance

2.4.6 Professional indemnity insurance

2.4.7 Day care center insurance

2.5 Supervision and Control

2.5.1 International Association of Insurance Supervisors

2.5.2 Bermuda Monetary Authority

2.5.3 Bermuda International Long-Term Insurers and Reinsurers Association

2.6 Non-Admitted Insurance Regulations

2.6.1 Overview

2.6.2 Intermediaries

2.6.3 Market practices

2.6.4 Fines and Penalties

2.7 Company Registration and Operations

2.7.1 Type of insurance organization

2.7.2 Establishing a local company

2.7.3 Foreign ownership

2.7.4 Types of license

2.7.5 Capital requirements

2.7.6 Solvency margin

2.7.7 Reserve requirements

2.7.8 Investment regulations

2.7.9 Statutory return requirements

2.7.10 Fee structure

2.8 Taxation

2.8.1 Insurance premium or policy taxation

2.8.2 Withholding taxes on premium paid overseas

2.8.3 Corporate tax

2.8.4 VAT

2.8.5 Captives

2.9 Legal System

2.9.1 Introduction

2.9.2 Access to court

2.9.3 Alternative dispute resolution

3 APPENDIX

For more information about this report visit https://www.researchandmarkets.com/research/l4k3xp/bermuda_insurance?w=4

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Related Topics: Insurance

Source: Research and Markets