Notice - Insurance Act Amendment No. 2 2022 (2022-05-05)

Summary

This is a notice from the Bermuda Monetary Authority announcing proposed amendments to the Insurance Act 1978, described as Insurance Act Amendment No. 2 2022. It is a consultation notice, not yet enacted legislation, and invites industry comments on the proposed changes.

• New innovative class: Introduction of a new innovative class for long term insurers, to be known as Class IILT.
• Housekeeping amendments: Amendments affecting innovative insurers and innovative intermediaries.
• Section 24 changes: Enhancements to Section 24 of the Insurance Act regarding dual licensed insurers.

Full details of the proposed amendments are published on the Authority's website under its discussion and consultation papers section. The BMA is seeking comments on the proposals rather than announcing final rules.

Key obligations

• Interested parties wishing to comment must send comments to RiskAnalytics@bma.bm by 31 May 2022

Applies to

long-term insurers, innovative insurers, innovative intermediaries, dual licensed insurers

Deadlines

• 31 May 2022: Deadline for submitting comments on the proposed Insurance Act amendments to RiskAnalytics@bma.bm

Related documents

• This document amends Insurance Act 1978