2021 YE Filing Requirements for Class 1, 2, 3, A and B

Summary

This BMA document sets out the electronic Statutory Financial Return (E-SFR) filing requirements for the 2021 year end, applicable to Class 1, 2, 3, A and B insurers. It lists the specific forms, schedules and attachments each class must submit as part of its annual statutory return under the Insurance Act 1978 and related regulations.

• Class 1, 2 and 3 insurers: Must file a Company Information Form, Statement of Control Form, Forms 1A, 2A and 8, an Own Risk Assessment (Risk Register, Risk Appetite, Investment Guidelines), Schedule I Underwriting Analysis, Solvency Page, Annual Statutory Declarations, and attachments including Auditors Report, Notes to Financial Statements, Cyber Risk Management Schedule, Suspicious Activity Reports and Sanctions Compliance Schedule, and (if applicable) Alternative Capital Schedule, Segregated Accounts Schedule and Outsourcing Services Schedule.
• Loss Reserve Specialist Opinion (LRSO): All Class 3 insurers must file an LRSO annually. Class 1 or Class 2 insurers writing more than 30 percent professional liability business, or discounting loss provisions and failing undiscounted solvency requirements, must also file annually; other Class 2 insurers file triennially.
• Class A and B insurers: Must file a Company Information Form, Statement of Control Form, Forms 4, 5 and 8, an Own Risk Assessment, Schedule I Underwriting Analysis, Solvency Page, Annual Statutory Declarations, and attachments including Auditors Report, Notes to Financial Statements, Actuary Certificate, Cyber Risk Management Schedule, Sanctions Compliance Schedule, and an Anti-Money Laundering/Anti-Terrorist Financing Questionnaire for long-term direct insurers, plus other applicable schedules.
• System access: Insurers must enrol to gain access to the E-SFR system by emailing esfr@bma.bm; a system guide and user manual are provided once access is granted.
• Additional documentation: The Authority may require additional documentation in any given year beyond the listed forms.

The E-SFR must be filed within six months of the financial year end, unless the BMA grants a longer period on application, which cannot exceed nine months. Forms 6 and 7 are auto-populated for dual insurers.

Key obligations

• File the E-SFR within six months of the financial year end (or longer period approved by the BMA, not exceeding nine months)
• Class 3 insurers must file a Loss Reserve Specialist Opinion (LRSO) annually
• Class 1 or Class 2 insurers writing more than 30 percent professional liability business, or discounting loss provisions without meeting undiscounted solvency requirements, must file an LRSO annually
• Other Class 2 insurers must file an LRSO triennially
• Enrol for E-SFR system access by emailing esfr@bma.bm before filing
• Submit all required forms, schedules and attachments applicable to the insurer's class (Company Information Form, Statement of Control Form, financial statements, Own Risk Assessment, Schedule I, Solvency Page, Annual Statutory Declarations, and applicable conditional schedules)
• Provide additional documentation if instructed by the Authority in a given year

Applies to

Class 1 insurers, Class 2 insurers, Class 3 insurers, Class A insurers, Class B insurers

Deadlines

• within six months of the financial year-end: Deadline for filing the E-SFR
• not exceeding nine months: Maximum extended filing period the BMA may grant upon application
• annually: LRSO filing frequency for Class 3 insurers and qualifying Class 1/2 insurers
• triennially: LRSO filing frequency for other Class 2 insurers