Bermuda Consolidated Legislation

 

BERMUDA STATUTORY INSTRUMENT

BR 36/1985

NON-RESIDENT INSURANCE UNDERTAKINGS (LONG-TERM INSURERS) INVESTMENT IN BERMUDA ORDER 1985

[made under section 20 of the Insurance Act 1978 [title 17 item 49] and brought into operation on 31 December 1987 by BR 66/1987]

ARRANGEMENT OF ORDER

1 Citation

2 Interpretation

3 Approved assets

4 Investment in Bermuda

5 Commencement [omitted]

Citation

1 This Order may be cited as the Non-Resident Insurance Under takings (Long-Term Insurers) Investment in Bermuda Order 1985.

Interpretation

2 In this Order—

"Bermuda Housing Corporation" means the Corporation referred to in the Bermuda Housing Act 1980 [title 29 item 1];

"Non-Resident Insurance Undertaking" has the meaning as signed to that expression in section 1 of the Non-Resident In surance Undertakings Act 1967 [title 5 item 17];

"the Act" means the Insurance Act 1978 [title 17 item 49].

Approved assets

3 Every insurer being a Non-Resident Insurance Undertaking car rying on long-term business in Bermuda shall maintain invested in Bermuda during the currency of this Order approved assets of a value (referred to in this Order as "investment asset value") of 30% of the value of the insurer's domestic liabilities being liabilities outstanding on ac count of the Insurer's long-term business.

Investment in Bermuda

4 The following are approved assets for the purposes of section 20(6) of the Act and this Order—

(a) subject to section 144 of the Companies Act 1981 [title 17 item 5] a mortgage on land in Bermuda;

(b) any loan made to the Bermuda Housing Corporation provided that such loan shall be in an amount in excess of $50,000.00;

(c) with the prior written consent of the Minister, and not otherwise, any other asset in Bermuda.

Commencement

5 [omitted]