Government & Politicians

Bermuda’s National Pensions Scheme may not lead to boom for life insurers

The Bermuda Government's proposed compulsory national pensions scheme for the workforce will not necessarily lead to a boom in the business of life assurance companies on the island, according to one local insurance boss.John Sainsbury, head of Argus Insurance, said, initially, many of the plans are likely to be small and the administrative costs for insurers are likely to be high.

Bermuda lawyers Vaucrosson and Hall sued for alleged unpaid taxes

Lawyers Julian Hall and Charles Vaucrosson are among 12 defendants who are being sued by the Minister of Finance for a total of $1.05 million in unpaid taxes and fees.The government department has started legal action at Supreme Court to recover money it claims it is owed.

Bermuda budget will see relaxation of exchange controls in stages

The likelihood of foreign exchange controls being lifted in their entirety in the Budget on February 14 is considered to be virtually non-existent by Bermuda's financial community. While a complete overhaul of Bermuda's financial regulations may have been the Government's intention as recently as a few months ago, the issue has been turned on its head by talk of independence, according to businessmen.