BMA Issues Regulatory Update
The Bermuda Monetary Authority [BMA] has published its latest regulatory update which contains figures for the quarter ended December 31, 2011 and provides statistics with respect to Bermuda’s financial services industry.
Developments in the insurance sector include new and amended legislation relating to solvency and capital requirements for Bermuda re/insurers effective 31 December 2011 and the completion of the trial run phase for the roll-out of Group Bermuda Solvency Capital Requirement [BSCR] for commercial insurers. The BMA will phase the implementation of the BSCR for other classes of insurers through to fourth quarter of 2013.
On the statistical front, the Authority reported that 11 new insurers and intermediaries were registered in the Bermuda market in the third quarter of 2011, 50 per cent of such new insurers being special purpose insurers.
The full 20- page report is below, click ‘Fullscreen’ for greater clarity:
