 |
|
|
 |
|
| |
|
| 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 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.
.
|
|
|
|
| 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
