The Act amends the Insurance Act 1978 and introduces new classes of insurer (Class IIGB and a Collateralized Insurer) and a new category of insurance intermediary, the Insurance Marketplace Provider.

The new classes of insurer are designed to provide alternative solutions for innovative and technology focussed insurers while the new intermediary is intended to provide solutions for the growing use of technology in the insurance marketplace.

The Class IIGB insurer is a body corporate that carries on general business in an innovative manner.

A Collateralized Insurer is an insurer that carries on special purpose business but that does not fall under the existing Special Purpose Insurer regime.

The Act introduces the concept of an “insurance marketplace”, being a platform, of any type, established for the purpose of buying, selling or trading contracts of insurance. A person that provides such a marketplace is an Insurance Marketplace Provider.

The Act demonstrates Bermuda’s commitment to providing innovative solutions in the ever-evolving insurance marketplace.

If you or your clients wish to learn more about Bermuda’s insurance regulation or how Appleby can assist, please engage with your usual Appleby contact or any member of the team below.

Share
Twitter LinkedIn Email Save as PDF
More News
14 Oct 2019 | News

Josephine Noddings recognised in Bermuda:Re+ILS

This years' rising stars have been nominated by their companies because of their exceptional talents...

14 Oct 2019 | News

Bermuda introduces Digital Asset Business Amendment Act 2019

The Digital Asset Business Amendment Act 2019 (DABA Amendment ACT) became operative on 8 October 201...

7 Oct 2019 | News

Four join Appleby Bermuda Trainee Programme

Appleby would like to welcome Ashley Bento, Amber Farrington, Kier James and Monica Kelly to the App...

7 Oct 2019 | News

Appleby Bermuda to speak at TradeWinds International Shipping Forum

Appleby Bermuda Partner Jerome Wilson will be speaking at the TradeWinds International Shipping Foru...

3 Oct 2019 | News

Appleby sponsors TEDx event in Bermuda

Appleby are pleased to sponsor this year’s TEDxBermuda event taking place on Saturday 5 October at...

2 Oct 2019 | News

ILS Bermuda Convergence 2019

Appleby is pleased to be a founding member and leading sponsor of ILS Bermuda Convergence.

25 Sep 2019 | News

Vanessa Schrum to speak on Asset Protection Trusts at Monte Carlo Conference

Appleby Bermuda partner Vanessa Schrum will be giving a presentation on Asset Protection Trusts at t...

13 Sep 2019 | News

Appleby in London for London International Shipping Week

This week, Bermuda Partner Jerome Wilson and Counsel Tiffany Boys, alongside Isle of Man Counsel Rob...

11 Sep 2019 | News

Appleby lawyers recognised in the Private Client Global Elite Directory

Lawyers from across three of Appleby’s global jurisdictions have been recognised in the 2019 editi...