The financial crisis has put the heat on Bermuda to increase transparency and supervision over captive formations, as the domicile works to attract new middle-market participants to maintain growth despite a soft commercial insurance market, according to alternative risk-transfer experts.
Indeed, while Bermuda has worked to assure financial stability among its facilities in general, since captives don't pose any systemic risk, the need for major regulatory change is limited, said Shelby Weldon, director of Insurance, Licensing and Authorizations with the Bermuda Monetary Authority.
“So it's our belief that our regulation or how we supervise captives is already appropriate with international standards, and there is no desire for us to change that drastically,” he told National Underwriter.
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