Insurance Amendment Act 2022

What this bill does

This bill creates two new types of insurance companies in Bermuda: Class IILT insurers (for innovative long-term insurance like life insurance) and innovative intermediaries (companies that help sell insurance in new ways). It also updates the rules and fees that apply to these new business categories.

If passed (voted YES)

• New insurance companies can register in Bermuda to offer innovative life insurance products and use new technology to sell insurance
• The Bermuda Monetary Authority gets expanded powers to regulate these new types of insurance businesses
• Registration fees will be collected from these new insurance company categories, ranging from $25,000 to $100,000 depending on company size

If rejected (voted NO)

• Bermuda cannot offer these new innovative insurance company registration categories
• The insurance industry remains limited to existing traditional business models
• Potential new insurance businesses and jobs may locate in other jurisdictions that allow these innovative approaches

Who it affects

This primarily affects insurance companies, insurance brokers, and related financial services professionals who want to use new technology or innovative approaches in Bermuda. It also affects the Bermuda Monetary Authority, which will regulate these new business types.