BERMUDA: SEGREGATED ACCOUNTS COMPANIES (SAC) AND ISAC

An article from Appleby on 11th October is concerned with the Incorporated Segregated Accounts Companies Act 2019, described as a companion to the Segregated Accounts Companies Act 2000.  It says that the use of SAC has been expanded to include areas such as the funds industry.  The article sets out to provide some leading examples of the application of the ISAC Act to the financial services and other sectors.  The SAC and ISAC appear akin to the PCC (protected cell companies) and ICC (integrated cell companies) available elsewhere and, like them, were originally seen as chiefly (or solely?) for the insurance sector.  The article says that a key feature of both an SAC and an ISAC is that the assets of each individual segregated account, or cell, will not be available to the creditors of any other cell.

https://www.applebyglobal.com/publications/purpose-built-isac-a-boon-for-bermuda/

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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