Amendments to the Insurance Act passed by the House of Assembly introduce new reporting requirements to enhance the regulatory process.

Minister of Finance Paula Cox introduced the draft Insurance Returns and Solvency Amendment Regulations and Insurance Accounts Amendment Regulations.

They affect category C4, 3A and 3B insurance companies, after such companies were re-categorised by the Insurance Amendment Bill earlier this year.

Ms Cox admitted that the amendments discussed yesterday "are hardly riveting" but said they set standards for corporate governance that will enhance Bermuda's international reputation.

The regulations cover areas such as solvency margins, registration as an insurer, assets and liabilities, balance sheets and statements of income.

Ms Cox described them as "the new Bible" for accountants in insurance companies.

Both amendment acts were passed without any objections from the Opposition.