Redomiciliation of insurers under Bermuda law
This paper describes the process under Bermuda law by which an insurance company may transfer its corporate domicile to or from Bermuda.
The transfer of a company’s corporate domicile is often referred to informally as ‘redomestication’ or ‘redomiciliation’. Under Bermuda law, the process by which a body corporate may redomicile to Bermuda is called ‘continuance’ and the process by which it may redomcile from Bermuda is called ‘discontinuance’.
The procedures for continuance and discontinuance of a company under Bermuda law are set out in the Companies Act 1981 of Bermuda (Companies Act). If the company is, or will on continuance in Bermuda be, licensed as an insurer in Bermuda, there is, in addition, a number of legal and regulatory requirements to comply with set out in the Insurance Act 1978 (Insurance Act) and related rules and regulations.