Form T-1 Application for Registered Insurer to be Re-Registered as a Class A, B, C, D or E Long-Term Insurer

Summary

This is Form T-1, used by a Bermuda registered long-term insurer to apply for re-registration as a Class A, B, C, D or E long-term insurer under the Insurance Act 1978 as amended by the Insurance Amendment (No. 3) Act 2010. It is an application form rather than a standalone rule, requiring the insurer to provide identifying, financial and representative information and to pay a prescribed fee.

• Class selection: Applicant must tick the class (A, B, C, D or E) under which it is applying for re-registration.
• Identity and certificate details: Form requires name of insurer, registration number, date of incorporation, and either the original Certificate of Registration attached or an explanation if not attached.
• Office and representative details: Principal office address, registered office address, approved Principal Representative and Insurance Manager must be stated.
• Financial disclosures: Applicant must state unrelated net premiums written as a percentage of total, unrelated long-term business insurance reserves as a percentage and dollar amount, and total assets, all as at 31 December 2010.
• Application fee: A fee of 500 dollars applies for Class A and B applications, and 1000 dollars for Class C, D and E, payable by cheque to the Bermuda Monetary Authority.
• Certification and signatures: Two directors and the Principal Representative must sign, certifying the information given is true and correct to the best of their knowledge and belief.

Because the form references financial figures as at 31 December 2010, it appears tied to the transitional re-registration exercise following the 2010 amendment to the Insurance Act; current applicants should confirm with the BMA whether this version remains the operative form.

Key obligations

• Applicant must attach the original Certificate of Registration or explain why it is not attached
• Applicant must disclose unrelated net premiums, unrelated long-term business insurance reserves (percentage and dollar amount), and total assets as at the stated reference date
• Applicant must enclose the prescribed application fee (500 dollars for Class A/B, 1000 dollars for Class C/D/E) by cheque payable to the Bermuda Monetary Authority
• Two directors and the Principal Representative must sign the form certifying the accuracy of the information provided

Applies to

registered insurers, long-term insurers (Class A, B, C, D, E)