Bermuda’s insurers—and, by extension, captive insurers—have until July 1 to satisfy the government’s new economic substance requirements, which have a considerably broad scope. Janine Carey, associate at Appleby, has the details.
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The new EU Economic Substance Act represents a paradigm shift for the captives industry but is also an opportunity for Bermuda, despite many in the captives sector being understandably nervous about its implications.