Form T-1 - Application for Registered Insurer to be Registered as a Class 3, Class 3(A) or Class 3(B) Insurer

Summary

This is Form T-1, the application form used by a registered insurer in Bermuda that wishes to be reclassified as a Class 3, Class 3(A) or Class 3(B) insurer under the Insurance Act 1978, as amended by the Insurance Amendment Act 2008. It is a data-collection and certification form submitted to the Bermuda Monetary Authority rather than a substantive rule, but completing it correctly and paying the applicable fee is required to obtain reclassification.

• Class selection: Applicant ticks whether it is applying for Class 3, Class 3(A) or Class 3(B) status.
• Identifying information: Name of insurer, registration number, date of incorporation, principal and registered office addresses, approved principal representative, and insurance manager.
• Certificate of registration: Applicant must attach the original Certificate of Registration, or explain why it is not attached.
• Premium and loss data: Applicant states unrelated net premiums written and unrelated Loss and Loss Expense Provisions as a percentage of totals as at 31 December 2007, and net premiums written for the twelve month period ending 31 December 2007.
• Application fee: A fee of $500 for Class 3(A) or $1000 for Class 3(B) must be enclosed by cheque payable to the Bermuda Monetary Authority; the form must indicate whether the fee is enclosed.
• Certification: The form must be signed and dated by two directors and by the principal representative, certifying that the information given is true and correct.

Key obligations

• Attach the insurer's original Certificate of Registration to the application, or provide an explanation if it is not attached.
• Disclose unrelated net premiums written and unrelated Loss and Loss Expense Provisions as percentages of totals, and net premiums written, as at/for the period ending 31 December 2007.
• Enclose the prescribed application fee ($500 for Class 3(A) or $1000 for Class 3(B)) by cheque payable to the Bermuda Monetary Authority.
• Have the application signed and dated by two directors and the principal representative, certifying the accuracy of the information provided.

Applies to

registered insurers seeking reclassification as Class 3 insurer, registered insurers seeking reclassification as Class 3(A) insurer, registered insurers seeking reclassification as Class 3(B) insurer