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Parliament gets first look at changes to insurance regulations

A number of changes to the regulation of the insurance business are contained within a bill tabled on Friday.

Government MP Wayne Furbert presented the Insurance Amendment Act 2011 to the House of Assembly without any introductory remarks.

However, according to the explanatory memorandum of the bill, it will impose requirements on Class 3A insurers that were previously only applicable to class 3B and 4 insurers.

Secondly, it seeks to address some minor issues arising out of consultation with the industry.

Mr Furbert also introduced the Investment Funds Amendment Act 2011 to the House.

The bill seeks to amend the Investment Funds Act 2006 to introduce a new class of fund referred to as a specified jurisdiction fund.

The objective in introducing this new class of funds is to make it possible to attract foreign retail investment in Bermuda asset management products.

According to the explanatory notes on the bill, a fund qualifies for classification as a specified jurisdiction fund if the jurisdiction it is to operate in and the laws it is to operate under are recognised as applicable to each such fund by order.

The fund shall also satisfy requirements set out in rules which shall be made by the Bermuda Monetary Authority.

Another bill tabled on Friday was the Bermuda Monetary Authority (Regulatory Fees) Amendment Act which seeks to modify some of the regulatory fees contained in the fourth schedule to the Bermuda Monetary Authority Act 1969.

It also modifies the manner and dates in which annual registration fees are determined and paid under the Proceeds of Crime (Anti-Money Laundering and Anti-Terrorist Financing Supervision and Enforcement) Act 2008. It is also designed to harmonise the payment and filing dates for fees charged under the Investment Funds Act 2006.

More information about the new bills will be given when they are debated in the House of Assembly over the coming weeks.

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Published November 28, 2011 at 9:13 am (Updated November 28, 2011 at 9:13 am)

Parliament gets first look at changes to insurance regulations

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