You may be aware that last month the BMA issued a Consultation Paper on proposals for how legacy insurance groups approach accounting and capital treatment for corporate liabilities.  The market has seen a number of these deals in recent years whereby US corporations restructure in order to ringfence historic liabilities, usually asbestos, into a vehicle that they then sell.  Some legacy insurance groups have been successful in acquiring such companies.  Please click here for the consultation paper. IRLA has been given the opportunity to respond and the deadline has been extended to the end of the month.

If you have any comments please contact myself paul.corver@irla-international.com and/or James.Ferris@bmsgroup.com by the end of this week.  We apologise for the tight timeframe but the BMA issued the paper during the time our new Bermuda group was being finalised.

The response to the consultation is being drafted by our newly formed IRLA Bermuda Committee.  This is made up of IRLA members who have a presence in Bermuda and provides a local forum for professional training, networking, collaboration and regulatory interface in the same way that we have in the UK.   Such members pay an additional modest fee to be able to participate in the Bermuda group.  If you have an interest in participating, please contact Leslie-Ann Giovnilli
 
Your early attention to this matter is appreciated.
 
Kind regards
 
Paul Corver
IRLA  Ambassador