 |
|
|
 |
|
| |
|
| Lowtax Network Sites |
| Lowtax Network Portal:
'Low-tax' business and investment in the top 50 jurisdictions covered in
exceptional detail. |
| Tax News: Global
tax news, continuously updated through the day. |
| Investors Offshore:
The independent offshore and alternative investment guide for expatriates
and the globally aware investor. Sponsored by HSBC
Bank International. |
| Law & Tax
News: Daily news and background data on tax and legal developments
for international business. |
| Offshore-e-com:
A topical guide to offshore e-commerce focused on tax and regulation. |
| Lowtax Library:
One of the web's largest and most authoritative business and investment
information sources. |
| US Tax Network:
The resource for free online US taxation information, covering: corporate
tax, individual tax, international tax, expatriates, sales and e-commerce
tax, investment tax. |
| Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
| Offshore Trusts
Guide: OTG publishes news, features and newsletters on the use of
offshore trust structures. |
| TreatyPro: Online
tax treaty resource. |
|
|
| Bermuda Amends Insurance Regulatory Regime |
by Amanda Banks, Tax-News.com, London
Monday, July 25, 2011
The Bermuda Monetary Authority (BMA) intends to allow Class 3A insurers to use pre-approved
internal capital models for solvency reporting purposes, in an attempt to further
strengthen the jurisdiction's regulatory framework.
This would extend existing provisions to determine capital requirements established
in 2009 for Class 4 and Class 3B insurers, which will allow the BMA to assess
these companies through either a standard capital model via the Bermuda Solvency
Capital Requirement (BSCR) or a pre-approved internal capital
model.
The planned extension to Class 3A insurers is contained in a piece of draft
legislation entitled the Insurance (Prudential Standards) (Class 3A Solvency
Requirement) Rules 2011 (“The 3A Prudential Rules”). The 3A Prudential
Rules stipulate that, provided certain conditions are met, Class 3A insurers
can
apply to use internal capital models in the place of the standard BSCR-Small
to Medium-Sized Entities (SME) model. Class 3A insurers would also be required
to submit copies of their capital and solvency return before a specified filing
date. Class 3A insurers are defined as small commercial insurers whose percentage
of unrelated business represents 50% or more of net premiums written, and where
the unrelated business net premiums are less than USD50m.
Jeremy Cox, the Authority’s CEO said “This extension of pre-approved
internal capital models to Class 3A insurers is part of the BMA’s strategy
to apply a proportionate, risk-based reporting regime appropriately throughout
the industry. This extension strategy, as well as the Authority’s publishing
of these draft pieces of legislation for consultation, is a good example of
our commitment to ensuring that Bermuda’s regulatory framework remains
practical for the entire industry,”
Cox added. “Having built the framework, we are now ensuring that our
team has sufficient resources and the necessary skills to apply a rigorous review
of internal capital model applications.”
A second piece of draft legislation: the Insurance (Prudential Standards) (Class
4 and Class 3B Solvency Requirement) Amendment Rule 2011 seeks to amend filing
requirements for registered Class 4 (insurers and reinsurers capitalised at
a minimum of BMD100m underwriting direct excess liability and/or property catastrophe
reinsurance risk) and Class 3B insurers and clarifies certain provisions regarding
annual regulatory reporting. The Rule also gives the Authority power to revoke
its granted approval for an internal capital model if that model is deemed no
longer suitable for the purposes of establishing an enhanced capital requirement.
In addition, where the BMA has not been appointed group wide supervisor, the
Rule makes provision for registered Class 4 and Class 3B insurers to submit
quarterly financial returns to the Authority.
.
|
|
|
|
| THE LOWTAX LIBRARY
One of the web's largest and
most authoritative business and investment information sources. Alongside
topical, daily news on worldwide
tax developments, you can receive weekly newswires or
access up-to-date intelligence
reports on a range of legal, tax and investment subjects.
FREE TRIAL NEWS SUBSCRIPTION
Our 16 constantly updated
intelligence reports cover every important aspect of 'offshore' and international
tax-planning in depth, including banking secrecy, the EU's savings tax
directive, offshore funds, e-commerce, offshore gaming and transfer pricing.
Reports are available for immediate downloading or as subscription
services with news pages.
|
|
 |
|
LAWANDTAX-NEWS.COM
