Education Summit


Bermuda regulatory update—clarification of insurance classes; new legislation; consultation papers in the works: The Bermuda Monetary Authority (BMA) outlined new enhanced reporting requirements for limited purpose insurers and what will be required in a future comprehensive statutory filing regime.


The impact of regulatory changes on captive audits: The session addressed how Solvency II equivalency will affect financial audits in terms of scope, risk, planning and cost. It is expected that such changes will help improve market stability and reputation, while proportionality will spare the captive sector any excessive regulatory burden.


Current trends in captive investing: The discussion provided a high- level oversight of the role of an investment manager in determining the investment strategy taken by a captive, specifically the difference between passive and active investment management. The panel


addressed challenges from start-up to the growth phase, and how a captive’s collateral position can affect its investment strategy.


Corporate governance—how to manage ever-increasing exposures and responsibilities: The discussion addressed the BMA’s Code of Conduct and its application to the captive sector. It detailed how the code has enshrined corporate best practice and applied proportionality to its use in the captive space. The debate also touched upon the legislative responsibilities of directors outlined by the Companies Act.


Current trends impacting the Bermuda market: The panel discussed the current state of the global alternative market with emphasis on possible new growth markets for Bermuda, including Canada and Latin America. The panel also noted that many existing captives are adding new lines of business to complement the more traditional P&C lines. l


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