JD Supra (Blogs)

25 results for JD Supra (Blogs)

  • JD Supra Bermuda JD Supra, 2019
  • Bermuda Insights: Regulatory & Risk Advisory

    The economic substance regime has continued to develop, with the most notable change being the amendment to the definition of the ‘relevant activity’ of ‘fund management’, which was effective from 1 January 2022. As a result of the amendments, an entity will be carrying on the ‘relevant activity’ of ‘fund management’ if it manages investments for an investment fund, as defined under the...

  • Bermuda Insights: Corporate 2022

    The last few years have been standout years for take private transactions globally – representing the most active years since 2007 - with Bermuda incorporated listed companies involved in a number of the largest deals. What is driving the rush to the listco exit ramp? A convergence in the valuations of public companies - particularly in sectors adversely affected by COVID-19 - with their private...

  • Bermuda Insights: Insurtech & Fintech 2022

    Bermuda has established itself as a leading market for insurtech, representing a convergence of the well-established reinsurance market with the burgeoning fintech market. A number of Bermuda reinsurance companies already partner with, invest in, or are operating insurtech operations that provide disruptive innovations to the traditional reinsurance market cycle. As a result, risk is now...

  • Chambers Global Practice Guide 2022: Corporate Governance – Bermuda: Law and Practice

    1. INTRODUCTORY - 1.1 Forms of Corporate/Business Organisations The principal forms of corporate and business organisations in Bermuda are: • exempted companies, owned by non-Bermudians and carrying on business outside Bermuda from a principal place of business in Bermuda (or within Bermuda with other exempted companies); and • local companies requiring at least 60% ownership by...

  • Amendments to Bermuda’s Employment Act Come into Force

    Part 2: Statements of employment, statements against bullying and sexual harassment, new entitlements and other changes to Bermuda’s Employment Act 2000 - On 1 June 2021, various changes to Bermuda’s Employment Act 2000 will come into force (the “Amended Act”). These changes arise from the Employment Amendment (No. 2) Act 2020 and the Trade Union and Labour Relations (Consolidation) Act 2020,...

  • Six Reasons for Investment Fund Managers to Locate in Bermuda

    The introduction of economic substance requirements in offshore jurisdictions has sharpened the impetus for investment fund managers to establish a physical office where their funds are incorporated. Here are six good reasons to choose Bermuda. 1. An established funds community - Bermuda is a significant centre for both traditional and alternative investments including funds, private equity...

  • Bermuda Registrar of Companies New Registry System: Impact on Economic Substance Declaration Portal

    The Bermuda Registrar of Companies (RoC) has advised that it will be launching the first phase of its new company registry system on 7 June 2021. Economic Substance Declarations that have been started must be finished and submitted by 3 June...

  • BMA Consultation on Changes to the Bermuda Solvency Capital Requirement Model for Insurers

    The Bermuda Monetary Authority (BMA) has recently issued a Consultation Paper on proposed changes to the Bermuda Solvency Capital Requirement Model and Schedules.

  • Insurance Bulletin - Spring 2021

    What a year it has been since our last Insurance Bulletin in March 2020. Although the full impact of Covid-19 on the re/insurance industry remains unclear, the need to retain capital to meet potential losses has contributed to a general hardening of the market after 15 years of soft market conditions characterised by excess capacity, low prices and more relaxed policy terms. Please see full...

  • BMA Proposes Internationally Active Insurance Group Concept for Bermuda

    In December 2020, as part of its review to update Bermuda’s commercial insurance regime, the Bermuda Monetary Authority (BMA) issued a consultation paper proposing the introduction of an Internationally Active Insurance Group (IAIG) concept to meet the principles and standards of the International Association of Insurance Supervisors’ Common Framework (ComFrame).  

  • Bermuda Offers Economic Investment and Residential Certificates Under New Policy

    Under Bermuda’s new Economic Investment Certificate and Residential Certificate Policy, non-Bermudian individuals who invest at least $2.5 million in the island receive the right to live in Bermuda along with a path to long-term residency after a period of five years.

  • Establishing an International Charity in Bermuda

    With its well-respected regulatory regime and highly regarded professional services industry, Bermuda is an ideal location for the creation of an international charitable structure. Companies and HNW families and individuals will find a range of tax efficient, flexible vehicles available for the establishment of charitable or philanthropic entities. 

  • It’s About Time: Bermuda’s Approach to the Rule against Perpetuities

    Disapplying the perpetuity period of a trust can allow deceased settlors to extend their influence down many future generations, almost indefinitely. However, the hand of the deceased settlor can be seen as benign and protective rather than oppressive for trusts that are tax efficient and beneficial from an asset protection perspective, and where vast wealth can be managed by professionals and...

  • First Cruise Ship to Homeport in Bermuda

    Royal Caribbean International is to homeport a cruise ship in Bermuda in the summer of 2021, which marks the first time the jurisdiction has been homeport for a major cruise line. From 26 June through August, the Vision of the Seas will be based in Bermuda, offering seven-day cruises to a private island in the Bahamas. Passengers will board in Bermuda and remain overnight before cruising to...

  • Bermuda Extends Parental and Vacation Leave Benefits

    As of January 1, 2020, Bermuda employees are entitled to increased paid and unpaid maternity leave, and, for the first time, paid and unpaid paternity leave. Bermuda’s Parliament included the provisions in the Employment (Maternity Leave Extension and Paternity Leave) Amendment Act 2019, which amended the Employment Act 2000 (EA 2000).

  • Bermuda Updates Registration, Administration, and Funding Requirements for Private Sector Pensions

    Recent amendments to Bermuda’s National Pension Scheme (Occupational Pensions) Act 1998 and National Pension Scheme (General) Regulations 1999 have overhauled the way that private sector pension plans are registered, administered, and funded.

  • A paradise for data privacy advocates - Bermuda’s privacy law now in full effect

    With enactment of the Personal Information Protection Act (PIPA), Bermuda can now count itself among the ever-expanding list of jurisdictions with enhanced privacy protections. PIPA, passed on July 27, 2016, and entered into force in December 2017, shares many of the more stringent requirements and protections with Europe’s impending General Data Protection Regulation (GDPR), which indicates a...

  • LATIN AMERICA & THE CARIBBEAN: A Legal Guide for Business Investment and Expansion - Bermuda

    1. What role does the government of Bermuda play in approving and regulating foreign direct investment? The government of Bermuda welcomes foreign investment in Bermuda and is committed to working with industries and investors in Bermuda to ensure that initiatives are introduced to ensure the success of the international business sector. The Government continues to take proactive steps to...

  • Bankruptcy Court Holds Bermuda Insurers Violated Barton Doctrine By Seeking Anti-Suit Injunctions In Bermuda Courts

    Two separate courts in the Southern District of New York have recently issued opinions relating to a complicated bankruptcy proceeding following the collapse of MF Global Holdings Ltd. in 2011. The underlying dispute involves MF Global Holdings and MF Global Assigned Assets’ (“Plaintiffs”) attempts to recover insurance proceeds from the defendants (“Bermuda Insurers”) under certain excess errors &

  • Bermuda – Proactively Seeking to Grow its Influence as an Off-Shore Investment Jurisdiction

    Bermuda has long been a favorite jurisdiction of captive insurance companies and insurance-linked investment funds. More than 70% of the $25 billion in global insurance-linked securities (ILS) volume is listed on the Bermuda Stock Exchange (BSX). In furtherance of its expanding role as a destination in the off-shore investment fund ecosystem, Bermuda has, in the last several years, updated its...

  • EIOPA reports on Bermudian supervisory regime

    EIOPA has published a progress report on the latest developments in the supervisory regime of Bermuda. In March 2015, EIOPA provided the Commission with additional advice regarding the full equivalence assessment under Solvency 2 of the insurance supervisory regime in Bermuda?.

  • Significant Amendments Made to Bermuda’s Partnership Legislation

    Bermuda is widely perceived as a blue chip offshore financial centre (not just in insurance and mutual funds) and continues to introduce new or amend existing legislation to attract more investors to use the jurisdiction. After extensive consultation with industry stakeholders, a series of amendments to Bermuda’s partnership legislation were passed by the Bermuda government on May 29, 2015,...

  • No UK Employment Rights for Internationally Mobile Employee

    In Olsen v Gearbulk Services Ltd UKEAT/0345/14/RN, the Employment Appeal Tribunal (EAT) considered whether an internationally mobile employee could bring a claim for unfair dismissal under UK law on the basis that he spent more of his working time in the UK than in any other country.

  • No U.S. Excise Taxes On Foreign Retrocessions

    Foreign retrocession insurance transactions are beyond the reach of IRS excise taxes based on the plain language of 26 U.S.C. § 4371(3), which aims to tax insurance transactions involving policies issued by foreign insurers or reinsurers. The District Court for the District of Columbia recently granted summary judgment to a Bermuda reinsurer in its suit against the IRS for a refund of an excise...

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