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
24 Jun 2022 | News

Gold Sponsor Appleby to Speak on Three Panels at Bermuda Trusts Conference

Appleby is pleased to be a Gold sponsor of the Transcontinental Trusts: Bermuda 2022 conference on 2...

21 Jun 2022 | News

Vanessa Schrum to Co-Chair and Speak at Private Client Exchange Bermuda 2022

Vanessa Schrum, Appleby partner and Group Head of the Private Client and Trusts department in Bermud...

1 Jun 2022 | News

Navigating Sanctions: Expansion of Russian Sanctions Regime in Bermuda

Bermuda entities should carefully assess their business in light of rapidly evolving financial and t...

Contributors: Sally Penrose
1 Jun 2022 | News

Economic Substance Update: Compliance Reviews, Proposed Penalties and Filing Declaration Preparations

On 16 May 2022, Bermuda’s Registrar of Companies (Registrar) announced that reviews of Bermuda ent...

Contributors: John Wasty
18 Apr 2022 | News

New Dispute Resolution Lawyer Joins Appleby Bermuda

Appleby Bermuda is delighted to welcome new Associate Justin Lafferty to its growing and specialised...

4 Apr 2022 | News

Bermudian Duncan Card Joins Appleby As Partner

Appleby is delighted to announce Bermudian Duncan Card, a leading commercial lawyer that was based i...

1 Apr 2022 | News

Appleby announces new Partners and Counsel promotions

Appleby announces the promotion of two Partners and the appointment of five lawyers to the position ...

24 Mar 2022 | News

Ojeda Smith Joins Appleby Trainee Programme

Hamilton, Bermuda – 24 March 2022 - Appleby is pleased to welcome Ojeda Smith to its legal trainee...

8 Mar 2022 | News

Appleby Celebrates International Women’s Day on 8 March 2022

Appleby marks the day with 2022 campaign theme #BreakTheBias.

4 Mar 2022 | News

Appleby Bermuda Supports Week-Long Tech Summit Events

Hamilton, Bermuda – 4 March 2022 - Appleby announced its sponsorship of the annual International T...