2015 Year-End Filing Requirements Class A and B

Summary

This BMA document sets out the filing requirements for Class A and Class B (re)insurers for the 2015 financial year-end, covering both the paper Statutory Financial Return (SFR) and the newly introduced Electronic Statutory Financial Return (E-SFR).

• Statutory Financial Return (SFR): Required under the Insurance Act 1978 (ss.15-18, 30J(4)), the Insurance Accounts Regulations 1980 and the Insurance Returns and Solvency Regulations 1980; must include statutory financial statements, notes, cover sheet, auditor's report, long-term business solvency certificate, actuary certificate, declaration of compliance, and change in directors/officers information.
• Electronic SFR (E-SFR): Voluntary for the 2015 year-end filing but becomes mandatory for financial years commencing on or after 1 January 2016; includes financial statements, notes, company information, auditor's report, annual statutory declaration, actuary certificate, statement of control, own risk assessment, schedule of underwriting analysis, schedule of segregated accounts, and solvency page.
• Filing deadline: Both the SFR and E-SFR must be filed within six months of the financial year-end, or such longer period as the Authority may allow on application, not exceeding nine months.
• Format change: The Cover Sheet reporting format is replaced by the Company Information page starting in 2016.

Insurers should note that while the E-SFR is optional for the 2015 reporting cycle, it becomes a compulsory filing format going forward, so early adoption may ease the transition.

Key obligations

• Class A and B (re)insurers must file the Statutory Financial Return (SFR), including all listed components (financial statements, notes, cover sheet, auditor's report, solvency certificate, actuary certificate, declaration of compliance, and director/officer changes), within six months of the 2015 financial year-end, or within an extended period (up to nine months) if approved by the Authority.
• Class A and B (re)insurers may voluntarily file the Electronic Statutory Financial Return (E-SFR) for the 2015 year-end, but must file it for financial years commencing on or after 1 January 2016, within the same six to nine month deadline.
• Insurers filing the E-SFR must use the Company Information page instead of the Cover Sheet from 2016 onward.

Applies to

Class A insurers, Class B insurers, (re)insurers

Deadlines

• within six months of the financial year-end: Deadline to file the Statutory Financial Return (SFR) and, once mandatory, the Electronic Statutory Financial Return (E-SFR).
• not exceeding nine months: Maximum extended filing period the Authority may grant on application by the insurer.
• 1st January 2016: Date from which the Electronic Statutory Financial Return (E-SFR) becomes mandatory for financial years commencing on or after this date.