Bermuda to Encourage Protected-Cell Captives.
Bermuda is expected to introduce legislation this summer to ease the formation of segregated portfolio captive insurance Captive insurance companies are limited purpose insurance companies established with the specific objective of financing risks emanating from their parent group or groups, they sometimes also insure risks of the parent company's customers. companies, attorney Michael Burns told delegates to ICAP (1) (Internet Content Adaptation Protocol) A high-level protocol for requesting services from an Internet-based server. iCAP provides a common format for requesting services using standard HTTP messaging. 2000.
"The draft Segregated Accounts Act 2000 is on the desk of the minister of finance, for his approval. The political will is there," said Burns of the Bermuda law firm Appleby Spurling & Kempe. "Our legislation will refine the concept, improve it and enable us to run with a more cost-effective mechanism."
Action had been slowed, Burns said, by "the desire to extend the process beyond insurance to mutual funds for umbrella classes of shares, e-commerce, securitization Securitization
The process of creating a financial instrument by combining other financial assets and then marketing them to investors.
Mortgage backed securities are a perfect example of securitization.
May also be spelled as "securitisation. , transformer companies, catastrophe bonds catastrophe bond
A debt security with a payoff tied to the relative severity of a natural disaster such as a hurricane or earthquake. Bondholders are paid with insurance premiums but may have to accept reduced principal repayment in the event the specified and life and annuity, which we see as another key end user." The Private Act of Parliament mechanism will stay in place for companies needing tailored solutions in forming the special captives, which keep the assets of multiple participants in protected "cells" within the insurer.
Thomas Jones Thomas Jones is the name of: