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This guide provides the latest information on sources of
insurance and reinsurance law, overseas-based insurers or
reinsurers, making an insurance contract, intermediary involvement,
alternative risk transfer (ART) transactions, warranties,
conditions precedent, insurance disputes and insurtech.
1. BASIS OF INSURANCE AND REINSURANCE LAW
1.1 SOURCES OF INSURANCE AND REINSURANCE LAW
The principal legislation governing companies in Bermuda is the
Companies Act 1981, as amended (Companies Act), under which the
majority of companies in Bermuda are incorporated by
registration.
In addition to the Companies Act, (re)insurance companies and
(re)insurance intermediaries in Bermuda are also governed by the
provisions of the Insurance Act 1978 and related regulations, rules
and guidance notes, each as amended from time to time (Insurance
Act), which applies to any person carrying on insurance business in
or from within Bermuda. “Insurance business”, which
includes that of reinsurance, is the business of effecting and
carrying out contracts…
