The top job in Bermuda’s new Corporate Income Tax regime has gone to an executive with the Association of British Insurers.

Mervyn Skeet, director of general insurance policy at the ABI, is leaving the trade body to become CEO of the Bermuda Corporate Income Tax Agency, according to the Insurance Post.

The ABI speaks for the Britain’s insurance and long-term savings industry, which includes a membership of 300 firms, “employing over 300,000 individuals in high-skilled, lifelong careers”.

Mr Skeet has been with the ABI for seven years and was previously head of tax and London Market.

He will build and run the agency to administer and collect Bermuda’s Corporate Income Tax, legislation for which becomes fully-enabled next year.

The Corporate Income Tax Act, passed in 2023, lays out a 15 per cent levy on the profits of multinational enterprises which exceed €750 million (about $780 million) of annual revenue.

The agency will ensure compliance and oversee necessary enforcement action against businesses that fail to abide by the regulations.

It will be governed by a board of seven to 11 directors appointed by the Minister of Finance.

Mr Skeet is expected to be the chief executive officer, responsible for the day-to-day management of the agency, overseeing the necessary staff and consultants.

Senators discussing the legislation this summer complained that there was not enough separation between the government and the agency.

The government response was that the framework was similar to bodies in other jurisdictions.

Arianna Hodgson, the Junior Minister of Finance, told the Upper House: “This framework actually preserves the Government’s ability to set policy while also ensuring that the agency maintains appropriate accountability to the Government, while also retaining autonomy and flexibility in key operational areas.”

“This approach combines the speed, efficiency and quality typical of the private sector, facilitating the recruitment and [retention] of talent within the agency.

“It is also important that it allows policy direction from the minister to guide the agency’s operations, given the impact it would have on the finances of our country.”