‘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.”