Bermuda expands on SPIs to kickstart sector

The Bermuda Monetary Authority (BMA) has issued a guidance note and related information bulletin on special purpose insurers (SPIs), outlining the regulator’s supervisory approach for such vehicles, in an attempt to challenge the dominance of the Cayman Islands as the main centre for the location of securitized vehicles. Bermuda introduced SPIs as a class of insurer when it passed the Insurance Amendment Act last year.