Governance, Risk and Compliance - The Bermudian Insurance Industry

Published: Jan, 2016 | Pages: 39 | Publisher: Timetric
Industry: Insurance | Report Format: Electronic (PDF)

Synopsis
Timetric’s Governance, Risk and Compliance – The Bermudian Insurance Industry report is the result of extensive research into the insurance regulatory framework in Bermuda.

It provides detailed analysis of the insurance regulations for life, property, motor, liability, personal accident and health, and marine, aviation and transit insurance. The report specifies various requirements for the establishment and operation of insurance and reinsurance companies and intermediaries.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on prevailing insurance regulations, and recent and upcoming changes in the regulatory framework, taxation and legal system in the country. The report also includes the scope of non-admitted insurance in the country.

Summary
The report provides insights into the governance, risk and compliance framework pertaining to the insurance industry in Bermuda, including:

• An overview of the insurance regulatory framework in Bermuda.

• The latest key changes, and changes expected in the country’s insurance regulatory framework.

• Key regulations and market practices related to different types of insurance product in the country.

• Rules and regulations pertaining to key classes of compulsory insurance, and the scope of non-admitted insurance in Bermuda.

• Key parameters including licensing requirements, permitted foreign direct investment, minimum capital requirements, solvency and reserve requirements, and investment regulations.

• Details of the tax and legal systems in the country

Scope
• The report covers details of the insurance regulatory framework in Bermuda.

• The report contains details of the rules and regulations governing insurance products and insurance entities.

• The report lists and analyzes key trends and developments pertaining to the country’s insurance regulatory framework.

• The report analyzes the rules and regulations pertaining to the establishment and operation of insurance businesses in the country.

• The report provides details of taxation imposed on insurance products and insurance companies.

Reasons To Buy
• Gain insights into the insurance regulatory framework in Bermuda.

• Track the latest regulatory changes, and expected changes impacting the Bermudian insurance industry.

• Gain detailed information about the key regulations governing the establishment and operation of insurance entities in the country.

• Understand key regulations and market practices pertaining to various types of insurance product.

Key Highlights
• The Bermuda Monetary Authority (BMA) is the government regulatory body supervising and regulating the Bermudian insurance and reinsurance industry.

• Composite insurers are permitted in the Bermudian insurance industry.

• Foreign direct investment up to 100% is permitted in the insurance industry of Bermuda.

• Health insurance, motor third-party liability insurance and workmen’s compensation insurance are the key classes of compulsory insurance in the Bermudian insurance industry.

• The government of Bermuda does not impose any tax on corporate incomes, capital gains and dividends. This no tax regime of Bermuda extends until 2016.

 Table of Contents

1 Introduction
1.1 What is this Report About?
1.2 Definitions

2 Governance, Risk and Compliance
2.1 Legislation Overview and Historical Evolution
2.2 Latest Changes in Regulations
2.3 Legislation and Market Practice by Type of Insurance
2.3.1 Life insurance
2.3.2 Property insurance
2.3.3 Motor insurance
2.3.4 Liability insurance
2.3.5 Marine, aviation and transit insurance
2.3.6 Personal accident and health insurance
2.4 Compulsory Insurance
2.4.1 Motor third-party liability insurance
2.4.2 Merchant shipping insurance
2.4.3 Workmen’s compensation insurance
2.4.4 Health insurance
2.5 Supervision and Control
2.5.1 International Association of Insurance Supervisors
2.5.2 Bermuda Monetary Authority
2.6 Non-Admitted Insurance Regulations
2.6.1 Overview
2.6.2 Intermediaries
2.6.3 Market practices
2.6.4 Fines and penalties
2.7 Company Registration and Operations
2.7.1 Types of insurance organization
2.7.2 Establishing a local company
2.7.3 Foreign ownership
2.7.4 Types of license
2.7.5 Capital requirements
2.7.6 Solvency margins
2.7.7 Reserve requirements
2.7.8 Investment regulations
2.7.9 Statutory return requirements
2.7.10 Fee structure
2.8 Taxation
2.8.1 Insurance premium or policy taxation
2.8.2 Withholding taxes on premium paid overseas
2.8.3 Corporate tax
2.8.4 VAT
2.8.5 Captives
2.9 Legal System
2.9.1 Introduction
2.9.2 Access to court
2.9.3 Alternative dispute resolution

3 Appendix
3.1 Methodology
3.2 Contact Timetric
3.3 About Timetric
3.4 Timetric’s Services
3.5 Disclaimer

List of Tables
Table 1: Insurance Industry Definitions
Table 2: Bermuda – Insurance Regulatory Framework Key Features
Table 3: Bermuda – Life Insurance Regulatory Framework
Table 4: Bermuda – Property Insurance Regulatory Framework
Table 5: Bermuda – Motor Insurance Regulatory Framework
Table 6: Bermuda – Liability Insurance Regulatory Framework

List of Figures
Figure 1: Bermuda – Insurance Supervision and Control at Various Levels
Figure 2: Bermuda – Insurance Regulatory Frameworks for Company Registration and Operation