Insurance Amendment Act 2013 passed by the Senate
The Senate passed the Insurance Amendment Act 2013 designed to streamline the provisions in respect to changes by a member of a group for which the Bermuda Monetary Authority is group supervisor.
When the Minister of Finance introduced the amendments to the House, he explained that effective group supervision is “increasingly critical” to the continued success of Bermuda's risk industry.
He said: “ ... a significant part of the Authority's duties as a regulator and as part of its role, the Authority must be informed of changes. For these purposes, material changes include amalgamation with another firm, engaging in unrelated retail business, acquisition of a controlling interest in a business that is not insurance, outsourcing all or a material part of actuarial, risk management compliance or internal audit functions and outsourcing all or a material part of an insurer's underwriting activity.”