New insurance registrations in Bermuda increased 50% in 2011: Bermuda Monetary Authority

The Bermuda Monetary Authority (BMA) is reporting a 50% year-on-year increase in new insurance registrations for Bermuda.
Fifty-four new insurers registered with the BMA in 2011, compared to 36 new registrations in 2010.
“The 2011 increase included the majority of classes in the Bermuda market, ranging from captives and special purpose insurers (SPIs) to insurers in the commercial sector,” said Shelby Weldon, the BMA’s director of insurance, licensing and authorization.
The SPIs sector had the greatest single number of registrations in 2011 – 23 new registrations in 2011, compared to eight in 2010.
The BMA noted the increased registrations came “as Bermuda continues with its progressive regulatory agenda and within the context of very challenging global market conditions in the insurance sector.”
Bermuda and Canada signed a Tax Information Exchange Agreement (TIEA) that came into effect last summer. Under the TIEA agreement, which is relevant to insurance captives, dividends paid to a Canadian corporation by a foreign affiliate resident in Bermuda are not subject to Canadian tax.