New Classifications for Long-Term Insurers in Bermuda

David J. Doyle, Kent Smith • Posted 16/02/2011 • Under Articles

Effective December 31, 2010, the Insurance Act 1978 was amended to provide for, amongst other things, a new classification regime whereby long‐term insurers will be registered under one of five classifications. Prior to this, an insurer carrying on long‐term (essentially life) business was registered as simply a "long‐term" insurer.

Similar to the re‐classification of the Class 3 general business insurers in 2008, the underlying reason for expanding the classification system for long‐term insurers is to facilitate the introduction of a new solvency and disclosure framework which is currently being phased in for all of Bermuda’s commercial insurers.

Learn more in the article below.