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| Bermuda Warns Of Imminent Reclassification Deadline |
by Amanda Banks, Tax-News.com, London
Tuesday, September 27, 2011
The Bermuda Monetary Authority has issued a last reminder that any remaining Long-Term insurers who have not yet submitted the necessary documents for reclassification have just days to do so. Failure to comply with the requirement could result in the cancellation of insurers' and reinsurers' registration.
In order to be compliant with the Insurance Amendment (No. 3) Act 2010, every
insurance company currently registered as a Long-Term insurer must apply to the
Authority by September 30, 2011, to be reclassified within several recently
introduced new classes.
Shelby Weldon, the Authority’s Director of Insurance, Licensing &
Authorization said: “We appreciate the cooperation we have already received from the market
for this reclassification process. We wish to
remind the firms who have yet to submit their applications to send them in prior
to the end of this month. We do not wish any firms to find themselves in the
unfortunate position of being in breach of the regulations.”
The reclassification is part of the Authority’s work to enhance solvency
and reporting standards for Long-Term insurers. The Authority is introducing
new classification categories for these firms, as up until this point the Long-Term
insurers have been placed in one class. The Authority is segregating these
firms based on their risk profile, and this will allow the Authority to further
refine and apply the appropriate level of supervision to the different firms
across the Long-Term sector.
When reapplying, companies must submit
their: original certificate of registration; most recent audited statutory financial
statements; management accounts as at December 31, 2010, or more recent if available;
and the applicable application fee of BMD500 (USD500) in the case of Class A
and Class B and BMD1,000 in the case of Class C, D, or E entities.
A comprehensive report in our Intelligence Report series
which studies the 20 main offshore jurisdictions which offer captive insurance
regimes is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report11.asp
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