On 5 August 2019 the Insurance Amendment Act 2019 (Act) became operative. The Act is the result of the Bermuda Monetary Authority’s consultation paper “New Insurers and Insurance Market Place” that was launched on 14 May 2019.

The Act amends the Insurance Act 1978 and introduces a new category of insurance intermediary, the Insurance Marketplace Provider.

The new intermediary is intended to provide solutions for the growing use of technology in the insurance marketplace.

The Act introduces the concept of an “insurance marketplace”, being a platform, of any type, established for the purpose of buying, selling or trading contracts of insurance. A person that provides such a marketplace is an Insurance Marketplace Provider.

As an electronic marketplace for the transfer and trading of (re)insurance who received the first Insurance Regulatory Sandbox licence from the Bermuda Monetary Authority (BMA), AkinovA is very excited by this. This further demonstrates Bermuda’s commitment to providing innovative solutions in the ever-evolving insurance marketplace.