We Have Regulators Too, Bermuda’s Insurers Say

Some policymakers have asked whether it’s possible that life and annuity business based in Bermuda could be riskier than business written by or reinsured by companies with official “domiciles,” or homes, in the United States.

The paper: The European Union has recognized the BMA’s regulations and oversight efforts as being equivalent to the European Solvency II system, and the National Association of Insurance Commissioners has recognized Bermuda as a qualified jurisdiction and a reciprocal jurisdiction, BILTIR says in the new paper.

In the past, some observers outside Bermuda complained that Bermuda had no corporate income tax. Now, BILTIR says, Bermuda has a 15% corporate income tax rate that’s set to take effect in 2025.

“At 15%, the rate meets international expectations while remaining competitive,” BILTIR says.

BILTIR members have about $1 trillion in total assets, and assets exceed liabilities by $231 billion, BILTIR reports.

Hamilton, Bermuda. Credit: Andrew F. Kazmierski/Shutterstock