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Insurance Industry Insurance Acts

Conyers

Captive Insurance in Bermuda

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Bermuda is the world’s leading domicile for captive insurance companies, with over 600 active captive licences on its register generating over US$24 billion in gross written premium. Having formed the first modern captive in...more

Conyers

Who is Actually the Actuary? Appointed Actuary and Peer Review Actuary Appointments in Cayman

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In light of the influx of life & annuity reinsurers on-island, we thought it useful to provide a refresher on the role of the appointed actuary and peer reviewing actuary (“PRA”) in the Cayman Islands and matters for...more

Walkers

Looking ahead: The Bermuda insurance M&A horizon in 2024

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2023 was a fairly gloomy year for global M&A activity and the insurance sector did not emerge unscathed, recording its lowest deals count since 20201. The good news, however, is that insurance M&A activity appears poised for...more

Walkers

Non-Compliant Transfers of Cayman Islands Insurance Business: To Void, or Not to Void, That Is the Question

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Since the introduction of the Insurance Act in 1979, the Cayman Islands has established itself as one of the largest, and most sophisticated, centres for international insurance business. As of the first quarter of 2023, the...more

Conyers

Bermuda Insurance Code of Conduct: Conduct of Business and Conflict of Interest Policy Compliance Deadline

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Effective 1 September 2022, the Bermuda Monetary Authority (the “BMA”) issued a revised Insurance Code of Conduct (the “Code of Conduct”) which, among other things, expanded the duties, requirements, standards and principles...more

Conyers

Bermuda Insurance Code of Conduct and Independent Directors

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In December 2021, the Bermuda Monetary Authority (the “BMA”) issued a consultation paper proposing revisions to the Insurance Code of Conduct dated July 2015. On Friday, 28 August 2022 the BMA posted further and final...more

Conyers

Legislative Recognition for Capital Redemption Contracts, Aka Funding Agreements

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On Tuesday 28 June 2022, the Insurance (Amendment) Act 2022 (the “Amendment”) was published in the Official Gazette having been brought as a bill before the Cayman Islands Parliament during its third meeting of the 2021-2022...more

Harris Beach PLLC

New York State Comprehensive Insurance Act and Amendments to CPLR 3101(f) Implicate Defendants’ Disclosure Obligations in Civil...

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The New York State Comprehensive Insurance Disclosure Act is now in effect. The Act amends CPLR 3101(f), governing disclosure of insurance policy information by defendants and similarly situated parties such as third-party...more

Conyers

Innovation and Evolution

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The Bermuda Monetary Authority (BMA) has moved to place emphasis on innovation, with legislation being introduced to promote innovation across the insurance sector. In mid-2018, changes to the Insurance Act 1978...more

Cozen O'Connor

Conditions Precedent to Liability in Insurance Contracts - Part Two

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Recap of the Traditional Position on Conditions Precedent - Part One of this two-part series explored the powerful remedy granted to underwriters on a breach by an insured of a condition precedent and considered court...more

K&L Gates LLP

The New Insurance Act: What GCs Need to Know and Do

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We recently hosted a round table discussion on the new Insurance Act which addressed: - How the law has changed and how it will affect your organisation - What practical changes are needed to ensure compliance with the...more

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