Table of Contents

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

• 3.1 Methodology
• 3.2 Contact GlobalData
• 3.3 About GlobalData
• 3.4 GlobalData’s Services

Governance, Risk and Compliance - The Bermudian Insurance Industry

Summary

GlobalData’s "Governance, Risk and Compliance - The Bermudian Insurance Industry", report 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 report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in the Bermuda, 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.

Key Highlights

- 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.

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.

Reasons to buy

- Gain insights into the insurance regulatory framework in the Bermuda.
- Track the latest regulatory changes, and expected changes impacting the Bermudian insurance industry.
- Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.
- Understand key regulations and market practices pertaining to various types of insurance product.