Regulatory Compliance

BMA

As a Bermuda registered company, WellAway Limited is compliant with the rules and regulations of the Bermuda Monetary Authority.

 

NAIC

Bermuda is the first offshore jurisdiction to be granted ‘qualified jurisdiction’ status by the National Association of Insurance Commissioners (NAIC), the US standard-setting and regulatory support organization created and governed by the chief insurance regulators from each US State, the District of Columbia and five US territories.

 

FATCA

WellAway Limited is compliant with all provisions of the FATCA law of the United States and consistent with the treaty signed between the governments of Bermuda and the United States on December 19, 2013.

 

FCPA

WellAway Limited is committed to the integrity of its practices and transactions and complies with the USA Foreign Corrupt Practices Act (FCPA).

 

OFAC

WellAway Limited does not conduct business with individuals, companies or organizations listed on the Office of Foreign Assets Control registry.

 

Solvency II

Effective January 1, 2016 Bermuda has gained Solvency Status II. Bermuda is considered by all European Member States as applying an equivalent statutory insurance regime in accordance with the requirements of the three Solvency II Articles: Article 172, equivalence of reinsurance, Article 227, group solvency calculation. On March 4, the EC’s delegated decision on Bermuda’s equivalence with Solvency II was laid out in detail in the Official Journal of the European Union. The move means Bermuda and Switzerland are the only non-EU jurisdictions to be recognized as in line with Euro insurance rules.