MPs yesterday passed legislation aimed at strengthening regulation of Bermuda's insurance industry.

The Insurance Amendment Act will bring in new standards for capital requirement.

It also expands the classification system for Class 3 insurance companies, aiming to distinguish between captives and commercial insurers.

In addition, a new class of special purpose insurers (SPIs) will be created to accommodate the growing insurance-linked securities market.

Read more about the new legislation in tomorrow's Business section.