Company: FRFXF
Filing Date: 2025-03-26
Form Type: 424B3
Source: 0001104659-25-028272
Chunk: 131

Company: FAIRFAX FINANCIAL HOLDINGS LTD/ CAN
Filing Date: 2025-03-26
Form: 424B3
Chunk 131
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 Act may require in-scope Bermuda
entities that are engaged in such “relevant activities” to be directed and managed in Bermuda, have an adequate level of
qualified employees in Bermuda, incur an adequate level of annual expenditure in Bermuda, maintain physical offices and premises in Bermuda
or perform core income-generating activities in Bermuda. The list of “relevant activities” includes carrying on any one or
more of: banking, insurance, fund management, financing, leasing, headquarters, shipping, distribution and service centre, intellectual
property and holding entities.

Privacy Regulation

Bermuda’s principal data protection and privacy legislation is the Personal Information Protection Act 2016 (“ PIPA”). On
January 1, 2025, PIPA was fully implemented. PIPA applies to every organization (which includes any individual, entity or public
authority) that uses personal information in Bermuda where that personal information is used by automated or other means which form,
or are intended to form, part of a structured filing system. PIPA does not define privacy explicitly, but rather defines “personal
information” and sets out privacy rules for institutions to follow for the collection, use, disclosure, maintenance, retention,
security and disposal of personal information. For the purposes of PIPA, “personal information” means any information about
an identified or identifiable individual (meaning a natural person), and “use” or “using” are very broadly defined
and means carrying out any operation on personal information, including collecting, obtaining, recording, holding, storing, organizing,
adapting, altering, retrieving, transferring, consulting, disclosing, disseminating or otherwise making available, combining, blocking,
erasing or destroying it. Personal information used by an entity, such as in Bermuda would include (without limitation) information
relating to policyholders, employees, consultants, service providers, officers, employees, consultants or any other third party of the
insurer. Our Bermuda entities are subject to PIPA requirements.

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Insolvency and Winding up

Bermuda’s insolvency
regime is generally premised upon the concept of pari passu distribution of assets amongst the unsecured creditors of the insolvent
company, subject to the rights of secured creditors of that company to enforce their security interests. However, the Bermuda Insurance
Act provides for the prior payment of policyholders’ liabilities ahead of general unsecured creditors in the event of the liquidation
or winding up of an insurer. The Bermuda Insurance Act provides,