Bermuda Captive Conference rescheduled - Business Insurance

The Bermuda Captive Conference committee has rescheduled its annual conference from June to September due to the global impact of the COVID-19 pandemic.

In a post to its Facebook page on Friday, the conference committee said the safety and well-being of everyone who attends the event are “paramount,” and that the conference will now be held Sept. 9 to 11.

The event, which is held at the Fairmont Southampton hotel, typically draws some 800 delegates from around the world.

“With this unprecedented situation unfolding, our thoughts are with you all at this time. We look forward to welcoming our sponsors and attendees to a successful and safe gathering in September,” the committee said in the Facebook post.

The re-scheduling comes as captive regulators in Bermuda, Vermont and Nevada said they will be suspending in-person meetings and allowing captive insurers to hold virtual and/or telephonic board meetings in view of the coronavirus pandemic.

Their responses were part of an informal survey of top 25 captive domiciles by Business Insurance.

In a March 18 notice on its website, the Bermuda Monetary Authority said it will not enforce the requirement for Bermuda-domiciled captive insurers to hold their physical board of director meetings during the first half of 2020.

“However, registrants should still endeavor to hold board meetings via audio or video conferencing during this period,” the BMA said in the notice.

The Nevada Insurance Commissioner has approved telephonic board meetings for captive insurers through the end of April, and can extend that date “if warranted,” according to an emailed response from the Nevada Division of Insurance.

Vermont-domiciled captive insurers that are unable to hold a board meeting in the state in 2020 due to ongoing disruptions from the COVID-19 pandemic can request a temporary waiver in writing from the Vermont Department of Financial Regulation.

“All captives should continue to hold board meetings per their own governance rules either in their own offices or virtually,” the Department of Financial Regulation said in a March 18 note.

Meanwhile, the Captive Insurance Companies Association recently said it is in the process of filing a claim to determine if the cancellation of its 2020 international conference due to COVID-19 is covered under its event cancellation coverage.

More insurance and risk management news on the coronavirus crisis here.

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