Nick Miles of Sedgwick London and Sedgwick Chudleigh Bermuda authored this article concerning recent regulatory developments in the Bermuda insurance industry.
From the article:
"A number of regulatory developments took place this summer in Bermuda. These respond to proposals adopted by international and regional authorities (the International Association of Insurance Supervisors (IAIS) and the European Union's Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS). They represent major contributions to the jurisdiction's bid for prudential and regulatory equivalence with the European Union. Equivalence is an extremely important commitment of the Bermuda Monetary Authority, given the benefits to the island which it perceives:
- the ability to compete in global markets on a non-discriminatory basis;
- lower risk of multiple capital requirements;
- removal of the need for group solvency calculations on a number of different regulatory fronts; and
- improved ability to optimize (and increased fungibility) of group capital.
To read more of this article, visit the publisher's website.