2021 Year-End Filing Requirements for Class Innovative Insurer-General Business

Summary

This is a BMA filing requirements notice setting out what Class IIGB (Innovative Insurer-General Business) insurers and reinsurers in Bermuda must submit for their 2021 financial year-end reporting. It describes the two main statutory filings required under the Insurance Act 1978 and related rules: the Statutory Financial Return (SFR) and the Capital and Solvency Return (CSR).

• Statutory Financial Return (SFR): Comprises the Insurer Information Sheet, Auditor's report, and Statutory Financial Statements (Forms 1SFS, 2SFS, 8SFS). Must be filed within four months of financial year end, extendable to up to seven months on application to the Authority. The Insurer Information Sheet and Statutory Financial Statements are embedded in the BSCR model and do not need separate submission.
• Capital and Solvency Return (CSR): Comprises the BSCR and schedules (Schedules IIB-VI and XVIII-XXI), CISSA (Schedule IX), Catastrophe Risk Return (Schedule X, where applicable), Commercial Insurer Risk Assessment, sanctions declaration, and supplementary attachments. Must be filed within four months of financial year end, extendable to up to seven months on application.
• Signing requirement: The Capital and Solvency Return Declaration must be signed by two directors and the insurer's principal representative.
• Submission method: CSR must be submitted via the embedded 'submit' macro within the BSCR model; insurers are encouraged to test this functionality with the Authority ahead of the deadline.

Both returns may be reported in whichever currency the insurer considers appropriate.

Key obligations

• File the Statutory Financial Return (Insurer Information Sheet, Auditor's report, Statutory Financial Statements Forms 1SFS, 2SFS, 8SFS) within four months after the financial year end, or up to seven months if an extension is approved by the Authority
• File the Capital and Solvency Return (BSCR, schedules, CISSA, sanctions declaration, and supporting attachments) within four months after the financial year end, or up to seven months if an extension is approved by the Authority
• Ensure the Capital and Solvency Return Declaration is signed by two directors and the insurer's principal representative
• Submit the CSR via the 'submit' macro embedded within the BSCR model, coordinating with the Authority on functionality prior to the deadline

Applies to

Class IIGB (re)insurers

Deadlines

• within four months after the end of the financial year (extendable up to seven months by application): Deadline for filing the Statutory Financial Return (SFR)
• within four months after the end of the financial year (extendable up to seven months by application): Deadline for filing the Capital and Solvency Return (CSR)