Log In

Reset Password

‘Housekeeping legislation’ wins support

Parliament's latest session consisted largely of “housekeeping legislation”, which was covered with bipartisan support.

Business legislation will be updated with the tabling of the Corporate Service Provider Business Exemption Order, the Government Authorities (Fees) Order and the Bermuda Public Accountability Board Amendment Act, all brought by Bob Richards, the Minister of Finance.

It came as Bermuda's success as a financial services jurisdiction was boosted by the Solvency II equivalence for the local insurance market.

The Solvency II directive introduces “a modernised risk-based regulatory regime for insurance and reinsurance undertakings in the European Union”, the minister told the House of Assembly.

The directive takes effect from January 1.

“Meeting an imposed deadline is difficult, but reaching a goal that many thought to be impossible is a feat of determination, endurance and extraordinary discipline,” Mr Richards added.

“Congratulations to the entire Bermuda team — you have truly performed a great service to Bermuda.”

Bob Richards

You must be Registered or to post comment or to vote.

Published November 30, 2015 at 8:00 am (Updated November 30, 2015 at 3:03 am)

‘Housekeeping legislation’ wins support

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon