BERMUDA : Island Faces ‘Substance’ Challenge.

(Royal Gazzette) Bermuda’s insurance and banking industries have little to fear from imminent legislation to address European concerns over “economic substance”.

That is the view of Christian Luthi, chairman of international law firm Conyers Dill and Pearman, who is confident the island can adapt to the upcoming new rules.

However, another source, a retired industry veteran who asked not to be named, believed that many of the island’s captive insurers could struggle to meet the substance test.

The Bermuda Government has committed to enacting new laws by the end of this year to keep Bermuda off the European Union’s list of noncooperative jurisdictions.

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