Insurance Amendment Act 2018

Summary

This is a draft bill that would amend Bermuda's Insurance Act 1978 to extend a range of existing regulatory provisions that currently apply only to insurance managers so that they also apply to insurance brokers and agents. It does not create new substantive requirements but broadens the scope of existing sections of the principal Act to cover these two additional categories of intermediary.

• Sections amended: Sections 6A, 6C, 14, 18A, 28, 30, 30AA and 30CA, plus a Schedule paragraph, are each amended by inserting or substituting references to brokers and agents alongside existing references to insurance managers.
• Effect: Provisions on matters such as notifications, fit and proper obligations, and related regulatory duties that previously named only insurance managers would, once in force, also apply to brokers and agents.
• Commencement: The bill states the amendments come into operation on 1 January 2019, though the document itself is an undated, unsigned draft (status: draft bill), so this date reflects the bill's stated intention rather than a confirmed effective date.

Because this document is a draft bill rather than enacted legislation, it does not itself impose current compliance obligations; it signals that, once passed, insurance brokers and agents would become subject to several provisions of the Insurance Act 1978 that previously applied only to insurance managers.

Key obligations

• Once enacted, insurance brokers and agents would become subject to the same notification, fit and proper, and related regulatory provisions of the Insurance Act 1978 (sections 6A, 6C, 14, 18A, 28, 30, 30AA, 30CA and the Schedule) that currently apply to insurance managers.

Applies to

insurance managers, insurance brokers, insurance agents, insurers

Deadlines

• 1st January 2019: Stated commencement date on which the amendments would come into operation, per the bill's Commencement clause

Related documents

• This document amends Insurance Act 1978