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Bermuda’s Economic Substance Requirements
The Economic Substance Act 2018 (the “Economic Substance Act”) was tabled on 7 December 2018 and, following revisions, again on 17 December 2018. Background In November 2017, the Government of Bermuda made a commitment to the Code of Conduct Group (Business Taxation) (the “COCG”) of the Council of the EU to address concerns relating to […]
Commercial Contract Disputes – “No Oral Modification” Clause
The UK Supreme Court has recently confirmed that contractual provisions which restrict the parties from modifying an agreement orally are binding and enforceable. These provisions are more commonly known as a ‘No Oral Modification Clause’ (“NOM Clause”).
Bermuda’s Brexit Blues?
Setting aside the effects on the UK economy, which are already being felt with political turmoil, the fall of the pound, billions being slashed from UK stocks worldwide and the potential break-up of the United Kingdom itself, one little examined effect is how its overseas dependent territories, of which Bermuda is one of the largest, […]
Bermuda wins Solvency II equivalence
In an update to my post from January, ‘Another Step in the Right Direction: Bermuda Solvency II Equivalence‘, Bermuda has now been awarded full equivalence under the tough EU Solvency II regulations by the European Commission. After years of work, the Island is now one of only two non-EU jurisdictions to be recognised as in […]
Another Step in the Right Direction: Bermuda Solvency II Equivalence
Bermuda has moved closer to equivalence under Solvency II (Directive 2009/138/EC) and the retention of EU market access for Bermuda commercial (re)insurers. The encouraging news follows the recent consultation paper published by the European Insurance and Occupational Pensions Authority (EIOPA) which is focused on the equivalence assessment of the Bermuda supervisory system (EIOPA-CP-14/042). EIOPA has […]
MJM hosts Insuralex Global Insurance Lawyers Group in Bermuda
The first Mid-Year Meeting to be held in Bermuda of Insuralex, a worldwide network of independent insurance and reinsurance lawyers, drew a large crowd of over 120 attendees to its recent seminar, of which 37 people were from overseas (representing over 12 countries!). MJM Limited is the Bermuda member of Insuralex and hosted the group […]
2013 Case of Note: Privy Council — Mutual Holdings (Bermuda) Limited and others
The Privy Council gave judgment this year on an appeal from the decision of the Court of Appeal of Bermuda in Mutual Holdings (Bermuda) Limited and others [2013] UKPC 13 (97 KB PDF). The major issue concerned an allegation of fraud made against three corporate and four personal defendants (who included ex employees of the […]
MJM to host Global Insurance Lawyers Group in Bermuda
MJM Limited announced last week that it will host Insuralex, a worldwide network of independent insurance and reinsurance lawyers dedicated to the insurance and risk management communities, in Bermuda from November 6–9 for its Mid-Year Meeting. MJM is the Bermuda member of Insuralex and this is the first time that the meeting has been hosted […]
Insurance Case Watch: Singh v Yaqubi [2013] EWCA Civ 23
Before an insurance company pays out damages following an accident, one’s claim must be particularised fully. Such a claim will typically include all expenses incurred as a result of the accident, which may include damage to property and expenses for transportation. Hardip Singh v Rashed Yaqubi is a 2012 case wherein Mr. Singh sued Mr. […]
Bermuda: The Epicentre of the Catastrophe Bond World
Bermuda is now the epicentre of the catastrophe bond/insurance linked security world. With $7 billion of these securities now listed on the Bermuda Stock Exchange, the island can claim almost half the value of the global market. Catastrophe bonds (also known as cat bonds) are risk linked securities that transfer a specified set of risks […]
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