Bermuda company law amendment has implications for all reinsurers
A new development to company law in Bermuda will place additional requirements on all companies whether local or exempted, according to legal services firm Harneys.
The Bermuda Government has amended Section 92B of the Companies Act 1981 and now requires that a Register of Directors be filed at the office of the Registrar of Companies for each company. Previously, the only way to view a company’s Register of Directors would have been to request the list of directors from the Registered Office at a fee of BD$5 (the Bermuda dollar is on par with the US dollar).
This approach will still be available as each company is still required to keep an up-to-date list of its directors at the company’s Registered Office.
Pursuant to the amendment, the Register of Directors should contain the present first name, surname and address of an individual and in the case of a company, its name and the address of its registered office.
Although the provisions of Section 92B came into force in Bermuda on 1 April 2016, the deadline for the initial filing of the list of directors is 31 December 2016. Company files are available for public inspection at a fee of BD$11 and copies of any page can be obtained at BD$2 per page.
The Registrar has indicated that further direction regarding filing fees will be announced in due course and an electronic filing system is being prepared and intended to be publicly searchable. This will provide greater efficiency in filing and viewing the newly required list of directors, said Harneys.