Memorandum on the Deregistration of a Bermuda Licensed Insurance Company – April 2010

Synopsis: Although an insurance company can be wound up we recommend that the Company be deregistered as an insurer prior to the commencement of the liquidation process.

The Bermuda Monetary Authority (“BMA”) will cancel the registration of an insurer (or “deregister”) at the request of the insurer. Prior to the application being made for the cancellation of the Company’s insurance registration the Company must ensure that it has no current insurance obligations and that the risks previously covered by the Company will have no tail liability.

Published: April 2010

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