Finance Minister Paula Cox will address delegates, before an in depth "Current Issues and Regulatory Update", where moderator Philip Barnes, president of the Bermuda Insurance Management Association, and panelists Shanna Lespere, deputy director of the Insurance Licensing and Authorizations Monetary Authority, Tim Farries, group head of Trusts and insurance group leader and partner at Appleby, along with KPMG Bermuda partner Jason Carne, will debate the recent changes to the Insurance Act and Companies Act and how they impact Bermuda captives.
A panel made up of Tim Faries, group head of Trusts and insurance group leader and partner of Appleby, Shanna Lespere, deputy director of insurance licensing and authorizations at Bermuda Monetary Authority (BMA), and Jason Carne, partner at KPMG Bermuda, were all on hand to discuss the latest legislative, regulatory and accounting developments and their impact on captives and to address any concerns raised by delegates at the conference held at the Southampton Fairmont resort.
gave delegates an insight into the latest regulatory procedures in place that captives in Bermuda have to adhere to.
talked about the captive manager on-site programme and its various components such as ensuring the filing of required documentation and meetings with senior management, as well as keeping up with international standards or risk assessment and management, claiming that it has already been well received by the industry and in the recent IMF review of Bermuda.
Best practice for captives included an increased use of independent directors by larger companies, adequate and regular reviews of financial information prepared by insurance managers and the frequent meeting of boards with auditors and/or forming audited committees, according to Ms. Lespere