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The Governor of Bermuda has appointed Bermuda’s first privacy commissioner (Privacy Commissioner) pursuant to powers under the Personal Information Protection Act 2016 (PIPA).
New Codes of Conduct for insurance intermediaries will help maintain Bermuda’s reputation for regulatory excellence
In February 2019, the Bermuda Monetary Authority published its ‘Insurance Brokers and Insurance Agents Code of Conduct’. The Code was issued pursuant to powers under Section 2BA of the Insurance Act 1978 and will help underpin the jurisdiction’s claim to regulatory excellence and adherence to international standards.
Bermuda’s Economic Substance Act 2018 and Economic Substance Regulations 2018 came into operation on 31 December 2018. The ESA was enacted in response to guidance published by the European Code of Conduct Group (Business Taxation) regarding the manner in which the COCG will assess Bermuda’s compliance with the “economic substance” element of its “fair taxation” criteria.
Despite competition from other jurisdictions, Bermuda continues to be the domicile of choice for alternative capital capacity, with more than half of the share of the global alternative capital market.
We are pleased to confirm the arrival of three highly qualified lawyers to our Bermuda office at the same time as two of the office’s partners have been ranked as being among the best in the country.
There have been recent changes for Bermuda companies in relation to the gathering and registration of beneficial ownership details and more changes are on the horizon, following a consultation on proposed amendments to the Exchange Control Regulations 1973.
On 31 July 2018, the Bermuda Monetary Authority published revised BSCR models and rules for commercial insurers. The amendments represent the culmination of nearly two years of consultation on and field-testing of proposed adjustments designed to bring the BSCR more closely into line with international standards.
A summary of key developments including the beneficial ownership register, company bye-laws, amendments to international sanctions regulations and the roll-out of anti-money laundering and anti-terrorist financing supervisory regimes.
The substantive provisions of the Bermuda Personal Information Protection Act 2016 are expected to come into operation later this year. The PIPA was passed and received royal assent in 2016, but the date on which its substantive provisions come into operation was postponed.
The Insurance Amendment Act 2018 has been passed in both the House of Assembly and the Senate and now awaits royal assent from the Governor. The Act will introduce a new “waterfall” of priorities in a winding up of an insurer, being the order in which creditors are paid from the assets of an insolvent company.