BMA publishes latest regulatory update - International Law Office

The Bermuda Monetary Authority has published its latest regulatory update which contains figures for the first quarter of 2011 and provides statistics with respect to Bermuda's financial services industry.

Developments in the insurance sector include:

• the authority hosting the annual meeting of the Offshore Group of Insurance Supervisors, during which participants from 13 jurisdictions discussed issues relating to insurance supervision;
• the launching of a series of industry awareness sessions and technical workshops to ensure that the insurance market remains aware of new requirements resulting from the authority's regulatory enhancements; and
• the publication of two pieces of draft legislation for consultation with the insurance industry - Insurance (Prudential Standards) (Class 4 and Class 3B Solvency Requirement) Amendment Rule 2011 and Insurance (Prudential Standards) (Class 3A Solvency Requirement) Rules 2011.

On the statistical front, the authority reported that eight new insurers and intermediaries were registered in the Bermuda market during the first quarter of 2011, the majority of such new entities being Class 3 captive insurers and special purpose insurers.

The regulatory update can be accessed here.

For further information on this topic please contact Janita Burke at Appleby by telephone (+1 441 298 3216 or +1 441 298 3536), fax (+1 441 292 8666) or email (jburke@applebyglobal.com).