Managers of Wealth Offshore

BMA issues guidance on consultation

It outlines the authority’s expectations of companies that use segregated accounts and separate accounts to conduct regulated insurance business.

Maples Group observes switch back to Cayman securitisation structures

The EU Securitisation Regulation, in turn, bans the use of special purpose vehicles (SPVs) in EU AML-listed countries.

Guide to Freezing Orders in Bermuda

The applicant makes an application to the Court, in particular setting out in an affidavit the reasons for the application and the basis on which the relevant test is met.

Balancing innovation and stability: BMA's stance on affiliate investments

This requirement applies to all long-term insurers, reinsurers and insurance groups, regardless of their use of the scenario-based approach for regulatory reporting.

Cayman Islands: Recent trends in residency by investment

Cayman's continued economic stability provides extra pull to new residents.

Lawyer for BMA says claim of collusion is outrageous

The company is no longer willing to proceed and the BMA is going along with that.

Butterfield denies MP claims in face of ‘active’ inquiries

Government backbencher Zane DeSilva, who represents Southampton East, complained that Black Bermudians coming out of prison were being denied an opportunity to hold a bank account.

Manx Utilities defends its energy predictions for Isle of Man windfarm project

Manx Utilities has explained why its projections are higher than the UK government average

Senior committees object to minimum wage increase

The proposals will be debated by deputies in September

Supreme Court adjourns BMA’s White Rock withdrawal application

Lawrence Hirsh, the liquidating trustee in the US bankruptcy proceedings of Vesttoo in Delaware, opposes the withdrawal of the petition.

New forum helps Jersey NEDs accelerate

Deloitte’s NED programme aims to offer support via a series of briefings, helping to keep directors up to date with Board issues and to assist with responding to the challenges they face.

AXIS extends partnership with cyber security provider

With effect from July 1, 2024, new standalone cyber business submissions for prospective policyholders with revenue up to $100 million will be directed via wholesale broker partners to Elpha.

Digitalisation brings Malta Business Registry at par with international standard

Close to 55,000 company directors, individuals and BO’s screened in 2022

Bahamas to regulate banks to offer cbank digital currency

The European Central Bank has signalled it will make it mandatory for euro zone retailers and banks to accept and distribute a future digital euro

The Financial Crime Commission Act 2023

The Act represents a significant step by the Government in combating financial crime and maintaining Mauritius's image as a compliant jurisdiction both nationally and internationally.

SiriusPoint backs security insurance MGU

The Bermuda-based re/insurer will be the sole carrier partner for Euclid Security’s Liability programme, which covers security services, alarm services and fire suppression protection.

DBRS Morningstar issues positive rating on Bermuda

The organisation said the positive trend reflects Morningstar DBRS's view that Bermuda's steady improvement in public finances and robust growth outlook will likely reduce credit risk.

Teneo appointed as JPLs of R&Q Insurance Holdings

The company said it has no intention of appointing a replacement nominated adviser.

MFSA fines tripled last year over 2022

The regulator issued almost half a million worth of fines last year

Building bridges, not barriers: setting up Cayman trusts to minimise conflicts

Cayman Islands trusts are known to be backed by extensive legislation

Regulation, Risk & Compliance