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HOW TO SET UP A CAPTIVE/COMMERCIAL INSURER

The following represents the procedure involved in the incorporation and registration process for commercial and captive insurance companies.

Select Professional Service Providers (lawyers, auditors, insurance managers, bankers, actuaries)
Reserve Preferred Name of Company with Registrar of Companies
  1. Submit preferred name, with two alternate names
  2. Will be reserved for three months

Apply to Bermuda Monetary Authority (BMA) to Incorporate Company

Complete Pre-incorporation Documents (details of ownership, company administration, business plan, 5-year pro- forma financial projections)

Submit application to register Memorandum of Association to Registrar of Companies

Registrar will proceed only after receiving consent from Bermuda Monetary Authority

 

Incorporation Applications Approved

Incorporate and Capitalise Company and Convene Organisational Meeting

Submit Licensing Application to BMA for Review by Assessment and Licensing Committee;

successful applications approved for licensing

Finalised Pre-incorporation Documents submitted to BMA’s Licensing and Authorisations Department for final registration

BMA Issues Insurance Licence

Company Begins Operating

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