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Bermuda is considered an offshore financial centre. According to the Foot report, Bermuda is the second largest captive insurance domicile, and is the third largest reinsurance centre in the world. [23] It is the domicile of 6% of offshore funds (at 2010) [24] and has a presence in aircraft registration and maintains an open ship registry.
The House of Assembly is the lower house of the Parliament of the British Overseas Territory of Bermuda. The house has 36 Members of Parliament (MPs), elected for a term of five years in single seat constituencies using first-past-the-post voting. Bermuda now has universal voting with a voting age of 18 years. Voting is non-compulsory.
Bermuda is an associate member of CARICOM. Bermuda's economy is based on offshore insurance and reinsurance, and tourism, the two largest economic sectors. [1] [2] Bermuda had one of the world's highest GDP per capita for most of the 20th century [3] and several years beyond. Recently, its economic status has been affected by the global recession.
Colin Hamilton Benbow (1931 – May 2016) was a history teacher, writer, and member of the House of Assembly of Bermuda for the United Bermuda Party for the constituency of Devonshire South. He was chairman of the Board of Works, Agriculture and Fisheries. While in office he played a part in naming Bermuda's roads.
The Parliament of Bermuda is the bicameral legislative body of the British Overseas Territory of Bermuda. [1] Based on the Westminster system, one of the two chambers (lower house) is elected, the other (upper house), appointed. [2] The two chambers are: House of Assembly (36 members; elected for a five-year term in single seat constituencies)
Bermuda is an archipelago consisting of 181 islands, although the most significant islands are connected by bridges and appear to form one landmass. It has a land area of 54 square kilometres (21 sq mi). Bermuda has a tropical climate, with warm winters and hot summers.
The presiding officer of the Senate is the President of the Senate. The current President, Joan Dillas-Wright, was appointed to the Senate in 2008 and previously was CEO of the Bermuda Hospitals Board. [2] Carol Bassett was the first woman president of the Senate in 2008. [3] She resigned the office in August 2017. [4] [5]
The Bermuda Stock Exchange (BSX), established in 1971, [2] is located in Hamilton, Bermuda. The stock exchange 's 2010 'Year End Review' report stated that its aggregate market capitalisation (excluding mutual funds) stood at US$319 billion.