Related content to Insurance Act 2015
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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.
With the new International Maritime Organisation (IMO) sulphur limit in marine fuels (IMO 2020) only a few months away, should the insurance market be braced for a flood of new claims?
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.
Case review 06/12/2019
Supreme Court clarifies types of expense to be taken into account in calculating a constructive total loss
The Supreme Court has today held that salvage and other costs incurred prior to tender of Notice of Abandonment should be taken into account for the purpose of assessing whether a vessel is a constructive total loss, but Special Compensation Protection and Indemnity Clause expenses should not.
Israeli law is now more aligned to allow subrogated recovered by foreign insurers to be pursued in the insured’s name, but it will be some time before policy wordings catch up.
Following recent judgments in England and Wales moving in favour of insurance brokers and their professional indemnity insurers, this article provides an overview of the standards required of insurance brokers and other professionals who advise insured clients in several key jurisdictions.
The latest in a raft of new legislation affecting the insurance industry is the Directive on insurance distribution. The IDD is an example of yet another move towards the trend for the open and transparent placement of insurance.
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.
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 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.