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Following the launch of The Legal 500 Caribbean 2021, Kennedys has again been ranked highly for dispute resolution and insurance/reinsurance in Bermuda.
The Bermuda Monetary Authority issued on 30 September 2020 the Insurance Sector Operational Cyber Risk Management Code of Conduct in its final form after submitting a draft for consultation to the industry in the late 2019.
This paper describes the process under Bermuda law by which an insurance company may transfer its corporate domicile to or from Bermuda.
Recent insurer registrations reported by the Bermuda Monetary Authority (BMA) show that Bermuda continues to deliver on its established reputation for finding innovative solutions for capacity shortages.
This paper provides an overview of the licensing requirements and process, the prudential and conduct standards that a Bermuda insurer carrying on special purpose business will need to meet and the on-going filing and other requirements that it will need to comply with. It is not, however, a substitute for legal advice.
The Companies Act 1981 of Bermuda provides procedures by which Bermuda companies may amalgamate or merge both with other Bermuda companies and with companies incorporated in foreign jurisdictions.
There are many advantages in establishing a captive insurer and Bermuda is the premier domicile of choice. Kennedys Bermuda’s white paper on the subject lists the many advantages of Bermuda as a domicile, considers the uses and benefits of a captive insurer and explains the prudential requirements, licensing process and on-going requirements applicable to Bermuda captive insurers.
Bermuda’s economic substance regime has been brought into closer alignment with the regimes implemented by other jurisdictions named in the European Union’s Code of Conduct Group’s call in 2018 for substance laws.
Bermuda’s Economic Substance Act 2018 and Economic Substance Regulations 2018 came into operation on 31 December 2018. The ESA was enacted in response to guidance published by the European Code of Conduct Group (Business Taxation) regarding the manner in which the COCG will assess Bermuda’s compliance with the “economic substance” element of its “fair taxation” criteria.