Insurance Amendment Act 2012
FA E R
N

AT F
TQUO U

BERMUDA

INSURANCE AMENDMENT ACT 2012

2012 : 22

TABLE OF CONTENTS

Citation
Amends section 1
Amends section 2A
Amends section 6A
Amends section 14
Amends section 18A
Amends section 29A
Amends section 29C
Repeals and replaces section 30
Amends section 30A
Inserts section 30A
Amends section 30B
Amends section 30C
Amends section 30J
Amends section 32
Inserts sections 32B to 32L
Amends section 41
Amends section 44A
Inserts Part VIIIB
Repeals and replaces section 51
Amends section 55
Inserts section 55A
Consequential amendments
Commencement

SCHEDULE

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1

INSURANCE AMENDMENT ACT 2012

WHEREAS it is expedient to enhance the powers of the Bermuda Monetary
Authority under the Insurance Act 1978 so as to enable the Authority to effectively regulate
the insurance industry in Bermuda and to meet appropriate international standards; to
provide for the imposition of civil penalties, the making of prohibition orders and other
disciplinary measures including injunctive relief; and to provide for the giving of notices in
relation to the exercise of disciplinary measures and for the publication of decisions;

Be it enacted by The Queen’s Most Excellent Majesty, by and with the advice and
consent of the Senate and the House of Assembly of Bermuda, and by the authority of the
same, as follows:

Citation
This Act, which amends the Insurance Act 1978 (the “principal Act”) may be cited

as the Insurance Amendment Act 2012.

Amends section 1
Section 1 of the principal Act is amended—

in subsection (1) by inserting in the appropriate alphabetical order the
following—

“ “decision notice” means a notice prepared in accordance with section
44G;

“warning notice” means a notice prepared in accordance with section
44F.”

Amends section 2A
Section 2A(1) of the principal Act is amended—

in paragraph (f) by deleting “and” at the end thereof;

in paragraph (g) by deleting the full stop and substituting “; and”;

by inserting the following new paragraph after paragraph (g)—

in exercising its powers—

under section 32D to impose a civil penalty;

under section 32F to censure publicly;

under section 32H to make a prohibition order; and

under section 44I to publish information about any matter to
which a decision notice relates.”.

“(h)

(i)

(ii)

(iii)

(iv)

Amends section 6A
Section 6A of the principal Act is amended by —

repealing subsection (4); and

1

2

(a)

3

(a)

(b)

(c)

4

(a)

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INSURANCE AMENDMENT ACT 2012

inserting, after subsection (7), the following new subsection—

The Schedules to the Rules made by the Authority under this section
shall be published separately in the website of the Authority: www.bma.bm, and
shall be available for inspection at the offices of the Authority. ”

“(8)

Amends section 14
Section 14 of the principal Act is amended by repealing subsection (3A).

Amends section 18A
Section 18A of the principal Act is amended—

in subsection (1) by deleting the words after paragraph (b) and substituting
the following—

“it shall be liable to a civil penalty calculated in accordance with
subsection (2).”;

by repealing subsection (2) and substituting the following—

For each week or part of a week that an insurer fails to comply with a
requirement imposed on it by subsection (1), it shall be liable to a civil penalty not
exceeding—

$500, in the case of a breach by a Class 1, Class 2, Class A or Class
B insurer;

$1,000, in the case of a breach by a Class 3, Class 3A, Special
Purpose Insurer, Class C, or Class D insurer; or

$5,000, in the case of a breach by a Class 3B, Class 4 or Class E
insurer,

and the civil penalty applicable to an insurer falling within more than one
paragraph shall be the higher penalty.”;

“(2)

(a)

(b)

(c)

by repealing subsections (3) and (4).

Amends section 29A
Section 29A of the principal Act is amended—

in subsection (1) by repealing paragraph (b) and substituting the
following—

require the registered person or designated insurer to provide the
Authority with a report, in such form as may be specified in the
notice, by the registered person’s or designated insurer’s auditor
or underwriter or by an accountant or other person with relevant
professional skill in, or on any aspect of, any matter about which
the Authority has required or could require the registered person

“(b)

(b)

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6

(a)

(b)

(c)

7

(a)

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INSURANCE AMENDMENT ACT 2012

or designated insurer as the case may be, to provide information
under paragraph (a).”;

by repealing subsections (2) and (3);

in subsection (4) by deleting “to make a report under subsection (2)” and
substituting “by the registered person or the designated insurer, as the
case may be, to make the report required under subsection (1)(b)”.

Amends section 29C
Section 29C of the principal Act is amended by deleting “29A(2)” where it appears

in subsections (1) and (2) and substituting “29A (1)(b)”.

Repeals and replaces section 30
The principal Act is amended by repealing section 30 and substituting the

following—

“Investigations on behalf of the Authority
If it appears to the Authority desirable to do so in the interests of

policyholders or potential policyholders of an insurer or an insurance group the
Authority may appoint one or more competent persons to investigate and report to
the Authority on—

the nature, conduct or state of the insurer’s or insurance group’s
business or any particular aspect of it; or

the ownership or control of the insurer or insurance group,

and the Authority shall give written notice of any such appointment to the person
concerned.

If a person appointed under subsection (1) thinks it necessary for the
purposes of the investigation he is appointed to carry out, he may also investigate
the business of a person who is or has at any relevant time been—

a member of the group of which the person under investigation is
part; or

a partnership of which the person under investigation is a
member.

Where a person appointed under subsection (1) decides to investigate
the business of any person referred to in subsection (2) he shall give that person
written notice to that effect.

It shall be the duty of every person who is or was a controller, officer,
employee, agent, banker, auditor, accountant, barrister and attorney or insurance
manager, as applicable, of an insurer or insurance group which is under
investigation by virtue of subsection (1) or a person who is under investigation
under subsection (2) or any person appointed to make a report in respect of a
registered person or designated insurer under section 29A (1) (b)—

30 (1)

(a)

(b)

(2)

(a)

(b)

(3)

(4)

(b)

(c)

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INSURANCE AMENDMENT ACT 2012

to produce to the persons appointed under subsection (1), within
such time and at such place as they may require, such documents,
or documents of such description, as may be specified, being
documents the production of which may be reasonably required
for the investigation, which are in his custody or power;

to attend before the persons so appointed at such time and place
as they may require and answer questions relevant to the
investigation as the persons appointed under subsection (1) may
require; and

otherwise to give those persons all assistance in connection with
the investigation which he is reasonably able to give,

and those persons may take copies of or extracts from any documents produced to
them under paragraph (a).

For the purpose of exercising his powers under this section, a person
appointed under subsection (1) may enter any premises occupied by an insurer
which is being investigated by him under this section; but he shall not do so without
prior notice in writing.

A person exercising powers by virtue of an appointment under this
section shall, if so required, produce evidence of his authority.

Unless the Authority otherwise directs, the insurer under investigation
shall pay to the Authority all expenses of, and incidental to, the investigation.

Any person who—

without reasonable excuse fails to produce any documents which
it is his duty to produce under subsection (4);

without reasonable excuse fails to attend before the persons
appointed under subsection (1) when required to do so;

without reasonable excuse fails to answer any question which is
put to him by persons so appointed with respect to an insurer or
insurance group which is under investigation or a person who is
being investigated by virtue of subsection (2); or

intentionally obstructs a person in the exercise of the rights
conferred by subsection (5),

shall be guilty of an offence and liable on summary conviction to a fine of $10,000
or to imprisonment for six months or to both.

A statement made by a person in compliance with a requirement
imposed by virtue of this section shall not be used in evidence against him in
criminal proceedings.

Nothing in this section shall require the disclosure or production by a
person of information or documents which he would be entitled to refuse to disclose

(a)

(b)

(c)

(5)

(6)

(7)

(8)

(a)

(b)

(c)

(d)

(9)

(10)

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INSURANCE AMENDMENT ACT 2012

or produce on the grounds of legal professional privilege in proceedings in
Bermuda.”.

Amends section 30A
Section 30A of the principal Act is amended by-–

deleting the section heading and substituting the following—

“Power to require production of documents”;

renumbering the section as 30AA;

deleting in subsection (1) the words beginning with “Where the Authority”
and ending with “any other person” and substituting the following—

“The Authority may by notice in writing require the person who is the
subject of an investigation under section 30A (“the person under investigation”) or
any person connected with the person under investigation”;

deleting in subsection (1)(a) the words “investigating the suspected
contravention” and substituting “the investigation”;

deleting in subsection (1)(b) the words “by the Authority for that purpose”
and substituting “for the investigation”;

deleting in subsection (1)(c) the words “for determining whether such a
contravention has occurred” and substituting “to the enquiry as the
Authority may require”;

inserting the following subsection after subsection (1)—

The Authority may by notice in writing require every person who is or
was a controller, officer, employee, agent, banker, auditor, accountant, barrister
and attorney or insurance manager, as applicable, of an insurer or insurance group
which is under investigation by virtue of subsection (1) or any person appointed to
make a report in respect of a registered person or designated insurer under section
29A (1) (b) —

to produce to the Authority, within such time and at such place as
the Authority may require, such documents, or documents of such
description, as may be specified, being documents the production
of which may be reasonably required for the investigation, which
are in his custody or power;

to attend before the Authority at such time and place as the
Authority may require and answer questions relevant to the
investigation as the Authority may require; and

to take such actions as the Authority may direct in connection with
the investigation,

“(1A)

(a)

(b)

(c)

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(a)

(b)

(c)

(d)

(e)

(f)

(g)

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INSURANCE AMENDMENT ACT 2012

and the Authority may take copies of or extracts from any documents produced to
it under paragraph (a).”;

inserting the following subsection after subsection (6)—

For the purposes of this section, a person is connected with the person
under investigation if such person is or has at any relevant time been—

a member of the group of the person under investigation;

a controller of the person under investigation;

a partner of a partnership of which the person under investigation
is a member.”.

“(7)

(a)

(b)

(c)

Inserts section 30A
The principal Act is amended by inserting the following section after section 30A—

“Investigations of suspected contraventions
The Authority may conduct an investigation if it appears to the

Authority that—

a person may have contravened section 3 or 9;

a registered person or a designated insurer may have contravened
a requirement imposed by or under this Act, regulations, rules or
orders made thereunder;

an individual may not be a fit and proper person to perform
functions in relation to a regulated activity within the meaning of
section 32H (8).

The power conferred by subsection (1)(b) may be exercised in relation
to a former registered person but only in relation to—

business carried on at any time when the person was a registered
person; or

the ownership or control of a former registered person at any time
when such person was a registered person. ”.

30A (1)

(a)

(b)

(c)

(2)

(a)

(b)

Amends section 30B
Section 30B of the principal Act is amended—

in subsection (1) by deleting the words beginning with “laid by” and ending
with “section 30A”, and substituting “that the Authority is conducting an
investigation under section 30A”;

in subsection (1)(a) by deleting “that that person” and substituting “a
person”;

(h)

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12

(a)

(b)

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INSURANCE AMENDMENT ACT 2012

in subsection (2)(a) by deleting “the person mentioned in subsection (1)”
and substituting “the person referred to in subsection (1)(a)”.

Amends section 30C
Section 30C of the principal Act is amended in subsection (1)(b) by deleting the

words “section 30” and substituting the words “sections 30 and 30A”.

Amends section 30J
Section 30J of the principal Act is amended by repealing subsections (6) and (8).

Amends section 32
Section 32 of the principal Act is amended by repealing subsections (7) and (9).

Inserts sections 32B to 32L
The principal Act is amended by inserting the following sections after section

32A—

“Procedure for giving directions
If the Authority proposes to issue directions under section 32 or 32A,

it must give a warning notice to the registered person or, as the case may be, the
designated insurer.

If the Authority decides to give directions, it must give a decision notice
to the registered person, or as the case may be, the designated insurer.

Directions in cases of urgency
No warning notice need be given under section 32B in respect of the

giving of a direction to a registered person, or as the case may be, a designated
insurer in any case in which the Authority considers that the direction should be
given as a matter of urgency.

In any such case the Authority may by notice in writing to the person
concerned give a direction.

Any such notice shall state the reason for which the Authority has
acted and particulars of the rights conferred by subsection (4) and section 44A.

Any person to whom a notice is given under this section of the giving
of a direction may within the period of 14 days beginning with the day on which the
notice was given make representations to the Authority.

After giving a notice of direction under subsection (2) and taking into
account any representations made in accordance with subsection (4) the Authority
shall decide whether—

to confirm or rescind its original decision; or

to impose a different direction or to vary the direction in a different
manner.

32B (1)

(2)

32C (1)

(2)

(3)

(4)

(5)

(a)

(b)

(c)

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INSURANCE AMENDMENT ACT 2012

The Authority must within the period of 28 days beginning with the
day on which the notice was given under subsection (2) or, where representations
have been made under subsection (4), 28 days beginning with the day on which the
representations have been received, give the person concerned a decision notice.

PART VIA

DISCIPLINARY MEASURES

Power to impose civil penalties for breach of requirements
Except as provided in sections 14(3) and 18A, every person who fails

to comply with any requirement or contravenes any prohibition imposed by or
under this Act shall be liable to a penalty not exceeding $500,000, as the Authority
considers appropriate, for each such failure or contravention.

For the purposes of subsection (1), “appropriate” means effective,
proportionate and dissuasive.

The Authority shall not impose a penalty under subsection (1) where
it is satisfied that the person concerned took all reasonable steps and exercised all
due diligence to ensure that the requirement would be complied with.

The power to impose a penalty under this section shall not apply to
designated insurers, except where the power is exercised in relation to non-
compliance with a direction given under section 30JB or 32A.

Civil penalties procedure
If the Authority proposes to impose a civil penalty, it must give the

person a warning notice.

If the Authority decides to impose a civil penalty, it must give the
person a decision notice.

Public censure
If the Authority considers that a registered person has contravened a

requirement imposed on it by or under this Act, the Authority may publish a
statement to that effect.

After a statement under this section is published, the Authority shall
send a copy of it to the registered person.

The power to publicly censure shall not apply to registered persons
that are acting in the capacity as designated insurers.

Public censure procedure
If the Authority proposes to publish a statement in respect of a

registered person under section 32F, it shall give the registered person a warning
notice.

(6)

32D (1)

(2)

(3)

(4)

32E (1)

(2)

32F (1)

(2)

(3)

32G (1)

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INSURANCE AMENDMENT ACT 2012

If the Authority decides to publish a statement under section 32F
(whether or not in the terms proposed), it shall give the registered person a decision
notice.

Prohibition Orders

Prohibition orders
Subsection (2) applies if it appears to the Authority that an individual

is not a fit and proper person to perform functions in relation to a regulated activity
carried on by a person who is registered by the Authority under this Act (‘a regulated
person’).

The Authority may make a prohibition order prohibiting the individual
from performing a specified function, any function falling within a specified
description, or any function.

A prohibition order may relate to—

a specified regulated activity, any regulated activity falling within
a specified description, or all regulated activities;

regulated persons generally, or any person within a specified class
of regulated persons.

In exercising its discretion to make a prohibition order under
subsection (2), the Authority must have regard (among other things) to such
factors, including assessment criteria as the Authority may establish in a statement
of principles.

A registered person must ensure that no function performed in relation
to the carrying on of a regulated activity, is performed by an individual who is
prohibited from performing that function by a prohibition order.

The Authority may, on the application of the individual named in a
prohibition order, vary or revoke the order.

The Authority must publish a prohibition order that is in effect, and
every variation of such order, in such manner as it considers appropriate to bring
the order to the attention of the public.

In this section—

“regulated person” has the meaning given in subsection (1);

“regulated activity” means any activity that is carried on by way of business
requiring registration or other authority by the Authority under any
provision of this Act;

“specified” means specified in the prohibition order.

Any person who fails to comply with the terms of a prohibition order
commits an offence and is liable—

(2)

32H (1)

(2)

(3)

(a)

(b)

(4)

(5)

(6)

(7)

(8)

(9)

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INSURANCE AMENDMENT ACT 2012

on summary conviction to a fine of $50,000 or to imprisonment for
two years or to both;

on conviction on indictment to a fine of $200,000 or to
imprisonment for four years or to both.

Prohibition orders: procedures
If the Authority proposes to make a prohibition order it must give the

individual concerned a warning notice.

If the Authority decides to make a prohibition order it must give the
individual concerned a decision notice.

Applications relating to prohibition orders: procedures
This section applies to an application for the variation or revocation of

a prohibition order.

If the Authority decides to grant the application, it must give the
applicant written notice of its decision.

If the Authority decides to refuse the application, it must give the
applicant a decision notice.

Determination of applications for variation etc.
The Authority may grant an application made under section 32J if it

is satisfied that the applicant is a fit and proper person to perform the function to
which the application relates.

In deciding that question, the Authority may have regard (among other
things) to whether the applicant—

has obtained a qualification;

has undergone, or is undergoing, training; or

possesses a level of competence,

required in relation to persons performing functions of the kind to which the
application relates.

Injunctions

Injunctions
If, on the application of the Authority, the Court is satisfied—

that there is a reasonable likelihood that any person will
contravene a relevant requirement; or

that any person has contravened a relevant requirement and that
there is a reasonable likelihood that the contravention will
continue or be repeated,

(a)

(b)

32I (1)

(2)

32J (1)

(2)

(3)

32K (1)

(2)

(a)

(b)

(c)

32L (1)

(a)

(b)

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INSURANCE AMENDMENT ACT 2012

the Court may make an order restraining the contravention.

If, on the application of the Authority, the Court is satisfied—

that any person has contravened a relevant requirement; and

that there are steps which could be taken for remedying the
contravention,

the Court may make an order requiring that person, and any other person who
appears to have been knowingly concerned in the contravention, to take such steps
as the Court may direct to remedy it.

If, on the application of the Authority, the Court is satisfied that any
person may have—

contravened a relevant requirement; or

been knowingly concerned in the contravention of such a
requirement,

the Court may make an order restraining such person from disposing of, or
otherwise dealing with, any of his assets which it is satisfied the person is
reasonably likely to dispose of or otherwise deal with.

In subsection (2), references to remedying a contravention include
references to mitigating its effect.

“Relevant requirement” in relation to an application by the Authority,
means a requirement which is imposed by or under this Act.”

(2)

(a)

(b)

(3)

(a)

(b)

(4)

(5)

Amends section 41
Section 41 of the principal Act is amended by repealing subsections (2) and (3) and

substituting the following—

If the Authority proposes to cancel the registration of an insurer under
subsection (1)(b) it must give the insurer a warning notice.

If the Authority decides to cancel the registration of an insurer under
subsection (1)(b) it must give the insurer a decision notice. ”

“(2)

(3)

Amends section 44A
Section 44A of the principal Act is amended—

in subsection (1) by repealing paragraph (b) and substituting the
following—

giving a direction under sections 32, 32A or 32C;

imposing a civil penalty under section 32D;

publishing a statement in respect of it pursuant to section 32F
(public censure); or”

“(b)

(ba)

(bb)

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(a)

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INSURANCE AMENDMENT ACT 2012

in subsection (2)(a) by inserting “or (b)” after the words “subsection (1)(a)” .

by inserting after subsection (3) the following—

Any person in respect of whom a prohibition order has been made
under section 32H may appeal to the tribunal.

Any person in respect of whom a decision notice has been issued
refusing a revocation or variation of a prohibition order may appeal to the
tribunal.”.

“(3A)

(3B)

Inserts Part VIIIB
The principal Act is amended by inserting the following Part after Part VIIIA—

“PART VIIIB

NOTICES

Warning notices
A warning notice must—

state the action which the Authority proposes to take;

be in writing; and

give reasons for the proposed action.

The warning notice must specify a reasonable period (which may not
be less than 14 days) within which the person to whom it is given may make
representations to the Authority; and where such representations are made the
Authority shall take them into account in deciding whether to give a decision notice.

The Authority may extend the period specified in the notice.

A warning notice given under section 32B must specify the proposed
terms of the direction.

A warning notice about a proposal to publish a statement under
section 32F must set out the terms of the statement.

A warning notice given under section 32I must set out the terms of the
prohibition.

Decision notices
A decision notice must—

be in writing;

give reasons for the Authority’s decision to take the action to which
the notice relates;

give its decision; and

44F (1)

(a)

(b)

(c)

(2)

(3)

(4)

(5)

(6)

44G (1)

(a)

(b)

(c)

(b)

(c)

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INSURANCE AMENDMENT ACT 2012

give an indication of the right to appeal the decision to the appeal
tribunal under section 44A.

A decision notice shall be given within 90 days beginning with the day
on which a warning notice under section 44F was given; and if no decision notice
under subsection (1) is given within that period, the Authority shall be treated as
having at the end of that period given a notice of discontinuance under section 44H.

A decision notice about the giving of a direction under sections 32, 32A,
or 32C must set out the terms of the direction;

A decision notice about the imposition of a civil penalty under section
32D must state the date or dates of payment.

A decision notice about public censure under section 32F must—

set out the terms of the statement;

give details of the manner in which, and the date on which, the
statement will be published.

A decision notice about a prohibition order made under section 32H
(2) must—

name the individual to whom the prohibition order applies;

set out the terms of the order; and

be given to the individual named in the order.

A decision notice shall state the day on which it is to take effect.

The Authority may, before it takes the action to which a decision notice
(“the original notice”) relates, give the person concerned a further decision notice
which relates to different action in respect of the same matter.

The Authority may give a further decision notice as a result of
subsection (8) only if the person to whom the original notice was given consents.

If the person to whom a decision notice is given under subsection (1)
had the right to refer the matter to which the original decision notice related to the
tribunal, he has that right as respects the decision notice under subsection (8).

Conclusion of actions

Notices of discontinuance
Subject to section 44G(2), if the Authority decides not to take the action

proposed in a warning notice it must give a notice of discontinuance to the person
to whom the warning notice was given.

A notice of discontinuance must identify the action which is being
discontinued.

(d)

(2)

(3)

(4)

(5)

(a)

(b)

(6)

(a)

(b)

(c)

(7)

(8)

(9)

(10)

44H (1)

(2)

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INSURANCE AMENDMENT ACT 2012

Publication

Publication
Subject to sections 32F, 32H, and 44, the Authority may publish such

information about a matter to which a decision notice relates as it considers
appropriate.

The Authority must not publish a decision notice under subsection
(1)—

before notifying the person concerned; and

pending an appeal under section 44A.”.

44I (1)

(2)

(a)

(b)

Repeals and replaces section 51
The principal Act is amended by repealing section 51 and substituting the

following—

“Notices
This section has effect in relation to any notice, direction or other

document required or authorised by or under this Act to be given to or served on
any person other than the Authority.

Any such document may be given to or served on the person in
question—

by delivering it to him;

by leaving it at his principal place of business; or

by sending it to him at that address by facsimile or other similar
means which produces a document containing the text of the
communication.

Any such document may in the case of a company be given to or
served—

by delivering it to the company’s principal place of business or
registered office in Bermuda; or

by sending it by registered post addressed to the company’s
principal place of business.

Service of notice on Authority
No notice required by this Act to be given or served on the Authority

shall be regarded as given or served until it is received.

Subject to subsection (1), such notice may be given by facsimile or
other similar means which produces a document containing the text of the
communication.”.

51 (1)

(2)

(a)

(b)

(c)

(3)

(a)

(b)

51AA (1)

(2)

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INSURANCE AMENDMENT ACT 2012

Amends section 55
Section 55 of the principal Act is amended in subsection (1)—

by deleting “$5,000” and substituting “$50,000”; and

by deleting “$15,000” and substituting “$150,000”.

Inserts section 55A
The principal Act is amended by inserting, after section 55, the following —

“Civil debt and civil penalties
When a person is convicted of an offence under this Act, such person

shall not also be liable to a civil penalty imposed by or under section 32D in relation
to the same matters.

A civil penalty levied pursuant to this Act may be recovered by the
Authority as a civil debt.”.

55A (1)

(2)

Consequential amendments
The Schedule (which makes consequential amendments) has effect.

Commencement
This Act shall come into operation on such day as the Minister may appoint by

notice published in the Gazette, and the Minister may appoint different days for different
provisions.

21

(a)

(b)

22

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INSURANCE AMENDMENT ACT 2012

SCHEDULE

(section 23)

1. The following provisions of the principal Act are repealed—

(a) section 6A(4)

(b) section 8(5)

(c) section 8A(3)

(d) section 22(5)

(e) section 30JD.

2. The Schedule to the principal Act (Minimum Criteria for Registration) is amended—

(a) in paragraph 1(1) by deleting “hold the particular position which he holds or is
to hold” and substituting “perform functions in relation to any activity carried
on by the registered person”; and

(b) by repealing paragraph 4(2) and substituting the following—
“(2) In determining whether a registered person is conducting its business in

a prudent manner, the Authority shall take into account any failure by the
registered person to comply with the provisions of—
(a) this Act;
(b) any other law, including provisions of the law pertaining to anti-

money laundering and anti-financing of terrorism as provided in the
Proceeds of Crime Act 1997, the Anti-Terrorism (Financial and Other
Measures) Act 2004 and the Proceeds of Crime (Anti-Money
Laundering and Anti-Terrorist Financing) Regulations 2008;

(c) the code of conduct; and
(d) international sanctions in force in Bermuda.

3. Rule 6B of the Insurance (Prudential Standards) (Class 4 and Class 3B Solvency
Requirement) Rules 2008 is revoked.

[Assent Date: 15 June 2012]

[Operative Date: 01 August 2012]

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