Class one Insurers Single parent captives, namely, insurance companies owned by one or more affiliates of a group provided that the captive insurer underwrites only the risks of their owners and affiliates of their owners. There is no requirement that reserves have to be certified by an actuary and a statutory financial statement does not have to be filed. Class two Insurers Single parent and multi-owner captives. In this context, multi owner captives are insurance companies owned by two or more unrelated persons provided that the captive insurer underwrites only the risks of their owners and affiliates of the owners, OR the risks related to or arising out of the business or operations of their owners and affiliates. Single parent and multi-owner captives in this class may write no more than 20 percent of net premiums from risks which are not related to, or arising out of, the business or operations of their owners and affiliates.
Reserves have to be certified by an actuary at least every three years.
A statutory financial statement has to be filed. Insurers writing direct policies with third party individuals. Single parent, group, association, agency or joint venture captives where more than 20 percent of their net premiums written arises from risks which are unrelated to the business of the owners. There are currently more than 15 insurance companies in Class Four. All financial information submitted to the Registrar of Companies is protected by the confidentiality provisions contained in Bermuda Law.