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New On The Network Today
This feed is published daily with selected new or updated
content from across our network. For a list of network sites, many of
which feature daily news, see below. |
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| 09/09 New
Lowtax Editor Column, by Kitty Miv |
| 08/09 New
PBTG Editor Column, Caroline, PBTG editor |
| 07/09
Flaws Uncovered In UK PAYE Tax System, Tax-News.com |
| 06/09
German Cabinet Agrees 'Future Package', Tax-News.com |
| 03/09
South Africa Rejects Mining Tax, Tax-News.com |
| 02/09 New
Lowtax Editor Column, by Kitty Miv |
| 01/09 New
PBTG Editor Column, Caroline, PBTG editor |
| 01/09 International
Privacy and Security, Investors Offshore special feature |
| 31/08
Lowtax Belize, annual update |
| 27/08
IRS To Drop UBS Lawsuit, Tax-News.com |
| 26/08 New
Lowtax Editor Column, by Kitty Miv |
| 25/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 24/08
Uruguay Stays On OECD Grey List, Tax-News.com |
| 23/08 Don't
Forget Doha, And I Don't Mean The Tennis, Jeremy Hetherington-Gore
blog entry |
| 20/08
Ireland Plans Social Security Overhaul, Tax-News.com |
| 19/08 New
Lowtax Editor Column, by Kitty Miv |
| 18/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 17/06
Lowtax Cayman Islands, annual update |
| 16/08
Germany's Fiscal Court Seeks Property Tax Reform, Tax-News.com |
| 13/08 Jurisdiction
Special Focus: Antigua and Barbuda, Investors Offshore special feature |
| 12/08 New
Lowtax Editor Column, by Kitty Miv |
| 11/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 10/08 Brazil
Cuts Import Tariffs, Tax-News.com |
| 09/08 Ukraine
Tax Code Published, Tax-News.com |
| 06/08
France Plans Reform Of Property Tax Credit, Tax-News.com |
| 04/08 New
PBTG Editor Column, Caroline, PBTG editor |
| 02/08 Islamic
Finance - The New Mainstream Alternative, Investors Offshore special
feature |
| 28/07 New
PBTG Editor Column, Caroline, PBTG editor |
| 27/07 UK
Launches Raft Of Tax Consultations, Tax-News.com |
| 26/07 Fat
Tax On The Menu , Jeremy Hetherington-Gore blog entry |
| 23/07 Sarkozy
Seeks 'Fiscal Convergence' With Germany, Tax-News.com |
| 20/07 Singapore
Base For Tuvalu OIFC, Tax-News.com |
| 15/07 St
Vincent & The Grenadines, Investors Offshore special feature |
13/07 Tax-
News.com Jersey Review 2010-2011 |
| 12/07 Goodbye
To All That, Jeremy Hetherington-Gore blog entry |
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06/07 Hong
Kong Full PBTG Guide, added to Personal Business Tax Guide |
| 28/06
Lowtax Dubai, annual update |
| 18/06 Singapore
- Another Hong Kong?, Investors Offshore special feature |
| 15/06 Swiss
Parliament Approves UBS Agreement, Tax-News.com |
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08/06 Dubai
Full PBTG Guide, added to Personal Business Tax Guide |
| 04/06
Lowtax Panama, annual update |
| 01/06
Lowtax Luxembourg, annual update |
| 03/03
Personal Business
Tax Guide, PBTG, has launched! |
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| Providing essential tax news and information for globally
mobile artists, contractors, entrepreneurs, professionals, small businesses,
sportspersons and entertainers. |
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| 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. |
| NEW! Personal
Business Tax Guide: Providing essential tax news and information
on business for contractors, entrepreneurs, professionals, small businesses,
artists, sportspersons and entertainers. |
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| Bermuda Issues Proposals For Insurance Group Supervision |
by Phillip Morton, Investors Offshore.com
Wednesday, February 24, 2010
The Bermuda Monetary Authority has released details of its proposed group-wide
supervision framework for Bermuda’s insurance sector in a Consultation Paper
entitled “Insurance Groups Regulatory Framework”.
Commenting on the consultation paper’s launch, Jeremy Cox, Chief Executive
Officer at the Authority, said: “For some time now the Authority has been
focused on enhancing our insurance regime in preparation for achieving regulatory
equivalence under Europe’s Solvency II Directive.”
“The publication of our group supervision Consultation Paper shows that
we are maintaining momentum on our regulatory change program for Bermuda’s
insurance sector, and also reaching the key policy development and implementation
milestones set out in our equivalence work plan. In fact, we have successfully
accelerated our groups program and published this Consultation Paper ahead of
schedule; it was originally due to be completed by the end of March as per our
Solvency II Roadmap.”
The Consultation Paper describes the scope of the Authority’s group-wide
supervision regime and outlines the conditions under which the Authority would
seek to be considered a Group-wide Supervisor. It also describes other features
of the framework including: the assessment of group corporate governance and
risk management; group-wide solvency assessments, which includes a discussion
of the treatment of intra-group transactions and risk concentrations; and the
Authority’s statutory reporting requirements for groups. In addition,
the Paper explores the efficacy of group support as an important factor in determining
group-wide solvency, and the treatment of unregulated entities that are part
of the group. Since any group-wide supervisory regime hinges on the principle
of supervisory cooperation and equivalence among regulators, the Paper also
seeks to explain the Authority’s own proposed equivalence framework.
Cox added that the Authority recognises it will require significant resources
to support implementation of group supervision effectively. “In order
for us to conduct group assessments for supervisory purposes, effectively be
a group-wide supervisor, and participate in additional supervisory colleges,
we will need to have appropriate resources,” he said. “With that
in mind, we will be heavily focused on building on the existing senior-level
expertise and skills in our supervisory and policy teams during this year, which
will be dedicated to us implementing group supervision.”
Consistent with the Authority’s risk-based approach to regulation, the
scope of its group-wide supervision regime will initially apply to the jurisdiction’s
Class 4 and Class 3B (re)insurers, the largest firms with the highest risk profiles.
However it will be expanded in the future in line with changes in the international
regulatory environment.
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