Bermuda failing international standards of regulation, House of Commons report

Bermuda’s financial services regulation has been criticized for operating below international standards by a House of Commons committee. In a report on the risks posed by UK territories, the Committee of Public Accounts said that based on 2005 data, Bermuda’s insurance regulation fails to observe 50% of international standards. Insurance regulation in the Cayman Islands was 35% compliant with global standards, the report said.