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.