Jul 2025
Bermuda Insurance Act 1978 and Related Legislation for Commercial Insurers
This is a consolidated version of the Bermuda Insurance Act 1978 and Related Legislation for Commercial Insurers together with related regulations and rules, incorporating all amendments to date.
The most recent legislative update includes:
- Amendments to sections 6A and 15 of the Insurance Act 1978 made by the Insurance Amendment Act 2025 effective 16 July 2025.
- Amendments to the Fifth Schedule to the Bermuda Monetary Authority Amendment Act 2024 effective 1 January 2025
The Bermuda Insurance Act 1978 and Related Legislation for Captive Insurers compendium contains consolidated and up-to-date versions of the following:
- nsurance Act 1978
- Insurance Account Rules 2016
- Insurance (Eligible Capital) Rules 2012
- Insurance (Prudential Standards) (Class 4 and Class 3B Solvency Requirement) Rules 2008
- Insurance (Prudential Standards) (Class 3A Solvency Requirement) Rules 2011
- Insurance (Prudential Standards) (Class C, Class D and Class E Solvency Requirement) Rules 2011
- Insurance (Prudential Standards) (Insurance Group Solvency Requirement) Rules 2011
- Insurance (Public Disclosure) Rules 2015
- Insurance (Group Supervision) Rules 2011
- Insurance (Prudential Standards) (Insurance Brokers and Agents Annual Return) Rules 2018
- Bermuda Monetary Authority 1969 (Select provisions – Fees)
- Insurance (Collateralized Insurers) (Statements, Returns, Solvency and Capital) Rules 2020
- Insurance (Insurance Marketplace Providers) (Statutory Financial Return) Rules 2020
- Insurance (Special Purpose Insurers) (Statements, Returns and Solvency Requirement) Rules 2020
- Insurance (Technical Standards) (Class IIGB Insurers) (Solvency Requirement) Rules 2020
- Insurance (Technical Standards) (Class IIGB Insurers) (Statements, Returns, and Capital Solvency) Rules 2020
Consolidated versions of the above Insurance Rules, including the Schedules, as well as Excel spread sheets with the BSCR model for each class of insurer and Bermuda Groups can be found on the Bermuda Monetary Authority website.
Conyers Dill & Pearman
Hamilton, Bermuda
Revised: July 2025