Bermuda Insurance Guide Update

Michael Frith • Posted 13/04/2009 • Under Articles

Bermuda's insurance industry had its beginnings in the 1950s but rapid development, particularly in the captive industry, did not occur until the late 1960s/early 1970s. By the late 1970s, a system of regulation was considered essential to maintain a healthy expanding industry. The public and private sectors worked together to produce the Insurance Act 1978. Since that time the laws have been regularly amended to recognize the diverse range of underwriting activities conducted by Bermuda insurers and reinsurers. The industry is subject to realistic but not overly burdensome regulations aimed to support Bermuda's credibility as an international insurance and reinsurance market. This article provides an overview of the regulations governing insurance in Bermuda.

A version of this article was also published by Complinet.