The Bermuda Monetary Authority (the "BMA") has published a press release to advise that in accordance with the Insurance Amendment (No. 3) Act 2010 (the "Amendment Act") every insurer that registered as a long-term insurer on or before 31 December 2010 shall apply to the BMA, before 30 September 2011, to be reclassified as a Class A, Class B, Class C, Class D or Class E long-term insurer.
The BMA has advised that any long-term insurer that fails to apply for reclassification by 30th September 2011 may have its registration cancelled in accordance with Section 31 (4) of the Amendment Act.
For a copy of the BMA's Guidance Note for the reclassification of long-term insurers in accordance with the Amendment Act please see click here.
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