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
1 Aug 2019 | News

Appleby shortlisted as Law Firm of the Year in five categories at Citywealth IFC Awards

Appleby has been shortlisted as ‘Law Firm of the Year’ in five categories encompassing their Ber...

Contributors: Alison MacKrill
25 Jul 2019 | News

Appleby returns as BSX listing sponsor

Appleby has returned to the Bermuda Stock Exchange as a listing sponsor.The firm took part in a comm...

18 Jul 2019 | News

Appleby Highly Ranked in Chambers’ High Net Worth Guide

Appleby’s Cayman and Bermuda Private Client & Trusts practices, as well as practitioners Carlos de...

Contributors: Vanessa Schrum
3 Jul 2019 | News

Appleby Highly Commended as Offshore Law Firm of the Year

Appleby was recognised with a Highly Commended status in the Offshore Law Firm of the Year category ...

5 Jun 2019 | News

Appleby sponsors 15th Annual Bermuda Captive Conference

Appleby is pleased to be a silver sponsor of the annual Bermuda Captive Conference to be held at the...

Contributors: Monika Adams
3 Jun 2019 | News

Appleby nominated for Offshore Law Firm of the Year

Appleby has been shortlisted in the Offshore Law Firm of the Year category in this year’s The Lawy...

24 May 2019 | News

Appleby sponsors, participates in Transcontinental International Forum

Appleby is, once again, proud to be a gold sponsor of the annual Private Client TransTrusts Internat...

Contributors: Alison MacKrill
23 May 2019 | News

Deadline approaches following amendments to Bermuda’s funds regime

Bermuda has adopted amendments to the island’s investment funds regime to ensure that regulatory o...

Contributors: Jennifer Eve, Sarita Ebbin
20 May 2019 | News

Appleby launch website and visual imagery

Today we are delighted to launch a new website, as well as a refresh to our brand imagery. These cha...