ASW Newsletter – May 2009

Synopsis: The 2008 Amendment Act introduces new requirements on Bermuda’s highly-capitalised prop cat and excess loss Class 4 carriers to prepare, in addition to statutory financial statements, audited financial statements prepared in accordance with GAAP or IFRS standards. The 2008 Amendment Act also permits the Bermuda Monetary Authority (“BMA”) to make orders that set prudential standards for enhanced capital requirements and gives the BMA the power to require capital add-ons.

Published: May 2009

Article: Newletter

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