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What a year it has been since our last Insurance Bulletin in March 2020. Although the full impact of Covid-19 on the re/insurance
industry remains unclear, the need to retain capital to meet potential losses has contributed to a general hardening of the market after 15 years of soft market conditions characterised by excess capacity, low prices and more relaxed policy terms.
The improved pricing and market outlook of recent months has attracted more capital into the industry to fund deals and growth opportunities. Conyers’ market- leading insurance legal practices in Bermuda and Cayman have seen a great deal of activity including incorporation of new insurers, note offerings by existing insurers and M&A activity. We hope you find this review of recent developments in the insurance and reinsurance sectors insightful and informative reading.
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In December 2020, as part of its review to update Bermuda’s commercial insurance regime, the Bermuda Monetary Authority (BMA) issued a consultation paper proposing the introduction of an Internationally Active Insurance Group (IAIG) concept to meet the principles and standards of the International Association of Insurance Supervisors’ Common Framework (ComFrame).
IAIGs will be subject to additional regulatory requirements and disclosures that will be transposed into Bermuda’s framework in due course. Amendments to the Insurance Act 1978 will be necessary to make provision for insurance groups to comply with specific standards when they meet minimum criteria as an IAIG. These changes are expected to enter into force on 30 June 2021.
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The future of design guides and codes
The latest proposed changes to the National Planning Policy Framework (NPPF) and Planning Practice Guidance (PPG) take some initial steps in the direction of the wider proposed reforms to the planning system.
Notable here is the focus on good design quality and placemaking, with local planning authorities being required to prepare ‘design guides or codes’ consistent with the National Design Guide and the recently published draft National Model Design Code (NMDC) and Guidance Notes for Design Codes (GNDC).
These guides and codes will need to be tailored to each locality, reflecting distinct character, design preferences and aspirations – based on community engagement. To carry weight in decision-making, they should also be prepared as part of a plan, or as a supplementary planning document.