NOTICE - Corporate Service Provider Business Exemption Amendment Order 2016 (2016-09-26)

Summary

This notice from the Bermuda Monetary Authority announces that the Corporate Service Provider Business Exemption Order 2015 has been amended to add certain insurance managers to the list of persons exempt from licensing under the Corporate Service Providers Act 2012. The exemption follows enhancements made to the Insurance Act 1978 giving the Authority greater oversight of insurance managers directly.

• Scope of exemption: Insurance managers are exempt from CSP licensing only when they provide corporate service provider business solely to insurers licensed under the Insurance Act 1978 or by a recognised competent authority, or to parent companies of insurers licensed under the Insurance Act 1978.
• Legal basis: The exemption order was approved by the Minister of Finance and published in the Official Gazette on 23 September 2016.
• Effective date: The amendment order took immediate effect upon publication.

The notice is informational, confirming the amendment and directing readers to the Bermuda Laws website for the full text of the order; it does not itself impose new filing or reporting duties beyond the conditions defining who qualifies for the exemption.

Key obligations

• Insurance managers relying on the exemption must confine their corporate service provider business to insurers licensed under the Insurance Act 1978 (or by a recognised competent authority) or to parent companies of such insurers, or otherwise remain subject to licensing under the Corporate Service Providers Act 2012.

Applies to

Insurance managers, Corporate service providers, Insurers licensed under the Insurance Act 1978

Deadlines

• 23 September 2016: Amendment order published in the Official Gazette and took immediate effect.