By Nick Miles

The Bermuda Monetary Authority (the BMA) has published a new statement of practice (SoP).  It sets out factors to which it will have regard and procedures to be followed in deciding whether and in what manner to exercise powers granted under the following four statutes that regulate financial sectors in Bermuda:

• The Insurance Act 1978
• The Banks and Deposit Companies Act 1999
• The Investment Business Act 2003
• The Trusts (Regulation of Trust Business) Act 2001

A full analysis of the SoP and the BMA’s powers can be found in our Insurance News Flash published today.

Our Admiralty and Energy Practice Group recently issued its November newsletter.  This issue discusses recent opinions on admiralty jurisdiction and indemnification in the Deepwater Horizon MDL and a recent decision by the South Dakota Supreme Court involving a policy’s exclusions regarding windmills, windchargers or towers.  Please click here to read the full issue.

Our Hydraulic Fracturing Task Force recently issued its June newsletter.  We think the readers of this blog who work with insureds involved in this industry will find of interest this issue’s articles about the potential for fracking to lead to silicosis claims, the EPA’s new rules regarding air pollution from natural gas wells and proposed fracking regulation in Illinois.  Please click here to read the full issue.