AkinovA Secures Bermuda's First Insurance Regulatory Sandbox License
May 17, 2019
AkinovA (Bermuda) Ltd. has secured the first Insurance Regulatory Sandbox license from the Bermuda Monetary Authority (BMA) under the jurisdiction's new legislative framework that came into effect in July 2018. Under Bermuda's Regulatory Sandbox Regime, the BMA has authorized AkinovA to carry out business through its innovative market infrastructure.
The framework under the new regime allows companies to test new technologies and offer innovative products, services, and delivery mechanisms to customers in a controlled environment.
AkinovA seeks to build an independent electronic marketplace for the transfer and trading of re/insurance risks. The authorization permits AkinovA to enable cedents and intermediaries acting on its behalf to transfer re/insurance risk to investors using its electronic trading platform. AkinovA is also permitted to provide integrated news, data, analytics, and communications to marketplace participants.
With the new regime, Bermuda aims to provide innovative solutions in the insurance, insurance linked securities, and captive markets.
Henri Winand, CEO of AkinovA, said, "We selected Bermuda as our first regulated operating base because of their willingness and desire to innovate within the insurance sector. The Regulators understood, right from the word 'go,' the need to establish an appropriate regulatory framework for what AkinovA is building for its users, to ensure AkinovA's independence as an infrastructure provider and a digital marketplace."
He continued, "It was really important that AkinovA is not set to compete with the very ecosystem it serves whilst being able to provide more than basic trading with the inclusion of news, data, analytics from its users and partners and secure communications to marketplace participants."The premier of Bermuda, the Hon. E. David Burt, said, "One of the largest hurdles facing the global insurance sector is the challenge of bringing developments to market amid an insurance regulatory landscape that does not always provide the flexibility necessary to accommodate new concepts at the same speed as the technology develops."
May 17, 2019