The aim of these Guidance Notes is to facilitate the uniform application of the legislation as it relates to the reclassification of all Long-Term insurers. All applicants should note however, that it is the responsibility of individual businesses to ensure their compliance with the law. The reader with specific queries may seek further advice from the Authority, as appropriate.

Application for registered insurers to be re-registered as a Class A, Class B, Class C, Class D or Class E Long-Term insurer as specified by the Insurance Act 1978 as amended by the Insurance Amendment (No. 3) Act 2010.

In response to recent US GAAP accounting changes relating to the financial guaranty industry, the Authority is issuing a Guidance Note entitled Application of Changes in US GAAP Accounting to the Statutory Financial Statements of Financial Guaranty Companies to address certain issues that may impact the Bermuda Statutory Financial Returns of these insurers.

The Insurance Code of Conduct does not come into effect until July 1st 2010.

This note sets out guidance in relation to the Authority’s licensing and supervisory regime in relation to SPIs. A primary focus of the Note is to demonstrate the Authority’s approach to the supervision of SPIs which involves setting out prudent and robust fundamental requirements that SPIs must meet in order to be licensed under Bermuda law.

This Information Bulletin is comprised of a series of documents, exhibits and appendices which together provide a comprehensive overview of the Authority’s licensing and ongoing supervisory activities associated with SPIs. A primary focus is to demonstrate the Authority’s approach to the supervision of SPIs which involves, in the first instance, setting out prudent and robust fundamental requirements that these (re)insurers must meet in order to be licensed.