Jurisdiction update: Bermuda, British Virgin Islands, Cayman Islands, Mauritius
Conyers Dill & Pearman has released issue three of its Jurisdiction Update for 2013, covering Bermuda, the British Virgin Islands, the Cayman Islands and Mauritius. Topics include insurance developments in Bermuda, a new ‘approved manager’ regime in the British Virgin Islands, Cayman Islands master funds and more.
In an effort to position itself to attain Solvency II equivalency, Bermuda continues to strengthen its supervisory regime over the commercial insurance sector while guarding against over-regulation of its captives market.
In November 2012, the Bermuda Monetary Authority published a number of amendments to its existing individual company and group rules, the most significant of which involved the suspension for one year (until 2014) of the implementation of enhanced capital requirements for commercial long-term insurers and insurance groups…
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Modern company, partnership, trust, and other related laws have made Bermuda a leading offshore financial centre for the formation of private equity vehicles.
FATCA imposes due diligence, information reporting and control burdens on a range of non-US financial intermediaries and investment entities.