Bermuda insurance act reforms

By added on 14/12/2011

The Premier and Finance Minister said amendments to the island’s Insurance Act passed by Parliament last night strengthen both Bermuda’s regulatory regime as well as its competitive advantage, reports Bernews.

Premier Paula Cox said ongoing reforms and upgrades to Bermuda’s off-shore re/insurance regulatory framework to keep current with international best practice were increasingly necessary.

“Mr. Speaker, the global financial services market is highly competitive and companies will seek to use a variety of elements to support their business objectives at any given time — that includes choice of domicile,” she said. “While some of our competitors demonstrate much strength, Bermuda has a compelling and timely story to tell. On insurance supervision, the goal is to maintain a pragmatic regulatory framework that works for Bermuda which can also be regarded as equivalent to other jurisdictions.

“Mr. Speaker, every aspect of our financial services policy objectives is designed to emphasise that a competitive, efficient, and stable financial centre operating with integrity is in Bermuda’s best interests. International companies have long invested in the Bermuda marketplace because our markets are safe and profitable while the regulatory environment is prudent, but fair and flexible.”