Senators unanimously passed the landmark Insurance Amendment Bill 2008 yesterday with all-party support.

The new bill, amending the 1978 act, will allow the Bermuda Monetary Authority (BMA) to prescribe standards for an enhanced capital requirement and a capital and solvency return for insurers to comply with.

And it will make new provisions for classes of insurance companies and Special Purpose Insurers (SPIs).

It also allowed for the provision of additional financial statements prepared in accordance with Generally Accepted Accounting Principles (GAAP) by Class 4 insurers.