2022 Year-End Filing Requirements for Class IIGB

Summary

This document sets out the Bermuda Monetary Authority's filing requirements for Class IIGB (re)insurers for the 2022 financial year end. It covers two core submissions: the Statutory Financial Return (SFR) and the Capital and Solvency Return (CSR), detailing their required contents, filing deadlines, and submission mechanics.

• Statutory Financial Return (SFR): Must include the Insurer Information Sheet, Auditor's report, and Statutory Financial Statements (Forms 1SFS, 2SFS, 8SFS); may be reported in any currency the insurer chooses; the Insurer Information Sheet and Statutory Financial Statements are embedded in the BSCR model so no separate submission is required for those items.
• Capital and Solvency Return (CSR): Must include the BSCR and associated Schedules (Capital and Solvency Return Declaration, Sanctions, BSCR Schedules IIB to VI and XVIII to XXI, CISSA Schedule IX, Catastrophe Risk Return Schedule X where applicable, Commercial Insurer Risk Assessment, and supplementary BSCR attachments).
• Signatures: The CSR declaration must be signed by two directors and the insurer's principal representative.
• Submission method: Insurers must submit the CSR via the embedded submit macro within the BSCR model, and are encouraged to test this functionality with the Authority ahead of the deadline.

Both returns follow the same filing timeline: due within four months of financial year end, with a possible extension to up to seven months if approved by the Authority upon application.

Key obligations

• File the Statutory Financial Return (SFR) within four months after the end of the 2022 financial year, or within an extended period not exceeding seven months if approved by the Authority on application
• File the Capital and Solvency Return (CSR), including the BSCR and associated schedules, within four months after the end of the 2022 financial year, or within an extended period not exceeding seven months if approved by the Authority on application
• Ensure the CSR declaration is signed by two directors and the insurer's principal representative
• Submit the CSR via the submit macro embedded within the BSCR model and coordinate with the Authority in advance to confirm the submission functionality works

Applies to

Class IIGB (re)insurers

Deadlines

• within four months after the end of the financial year: Deadline for filing the Statutory Financial Return (SFR) for the 2022 financial year end
• not exceeding seven months (on application to the Authority): Maximum extended period for filing the SFR if a longer period is approved
• within four months after the end of the financial year: Deadline for filing the Capital and Solvency Return (CSR) for the 2022 financial year end
• not exceeding seven months (on application to the Authority): Maximum extended period for filing the CSR if a longer period is approved