Bermuda Corporate & Regulatory Insurance Newsletter
The Bribery Act 2016 received Royal Assent on 6 December 2016. When it comes into operation, it will introduce a number of new offences into Bermuda law, including the corporate offence of failure to prevent bribery. Bermuda insurers, insurance managers, and insurance agents and brokers will need to introduce policies and procedures necessary to ensure compliance. The Act will have an unusually extensive extra-territorial reach, making it an offence in Bermuda for certain persons to make or receive bribes anywhere in the world. It is modelled largely on the UK’s Bribery Act 2010 and is introduced in readiness for the UK’s extension to Bermuda of the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions and the United Nations Convention Against Corruption (UNCAC), a development that was originally presaged in an announcement by Governor George Fergusson in 2013. The commencement date of the Act is yet to be appointed.