2023 Year-End Filing Requirements for Class 3A

Summary

This document sets out the Bermuda Monetary Authority's filing requirements for Class 3A (re)insurers for the 2023 financial year end. It lists the statutory returns, capital and solvency filings, audited financial statements and alternative capital disclosures that must be submitted, along with related deadlines and signing requirements. It also summarises changes made to the 2023 BSCR model compared to the 2022 version.

• Statutory Financial Return (SFR): Insurer Information Sheet, auditor's report, Statutory Financial Statements (Forms 1SFS, 2SFS, 8SFS with notes), and Statutory Declaration of Compliance, filed within four months of financial year end (extendable to seven months with BMA approval).
• Capital and Solvency Return (CSR): BSCR and schedules, CISSA, Catastrophe Risk Return where applicable, Eligible Capital schedule, Financial Condition Report (FCR), loss reserve specialist opinion, and various attachments; also due within four months (extendable to seven months).
• Audited Financial Statements: GAAP based financial statements (IFRS, or Bermuda/Canada/UK/US GAAP, or other recognised GAAP) with auditor's report, filed within four months of year end (extendable to seven months); condensed general purpose financial statements may be submitted instead without prior approval.
• Alternative Capital Disclosure: Insurers with alternative capital arrangements (e.g. cat bonds, sidecars, collateralized reinsurance) must complete Schedule V(m) of the BSCR model.
• 2023 BSCR Model Changes: Updates for insurers reporting under IFRS 17 (Forms 1ASFS, 2ASFS, 8ASFS), amended Schedule V(e) Stress/Scenario Tests reporting basis and rates, removal of Mortgage Loan Stress Test for Class C, D and E insurers, and clarifications to Schedules VI and VIA.

Additional guidance clarifies completion of the Information Sheet tab (filing period dates, currency exchange/translation rate, qualified opinion treatment) and reiterates that the annual Latent Liability Stress Test under Schedule V(e) remains required.

Key obligations

• File the Statutory Financial Return (including Insurer Information Sheet, auditor's report, Statutory Financial Statements Forms 1SFS/2SFS/8SFS, and Statutory Declaration of Compliance) within four months after financial year end, or up to seven months with BMA approval.
• File the Capital and Solvency Return (including BSCR, CISSA, Eligible Capital schedule, Financial Condition Report, loss reserve specialist opinion and attachments) within four months after financial year end, or up to seven months with BMA approval.
• Have the Capital and Solvency Return declaration signed by two directors and the insurer's principal representative.
• Have the Financial Condition Report signed by the chief executive and a senior executive responsible for actuarial, risk management, internal audit or compliance functions.
• Publish the Financial Condition Report on the insurer's website within 14 days of filing with the Authority, or, if no website exists, provide a copy to the public within 10 days of a written request.
• Submit both an electronic version (via the BSCR model submit macro) and a printed copy of the CSR, including SFR Forms.
• File audited GAAP financial statements (or condensed general purpose financial statements under the Insurance Accounts Rules 2016) within four months after financial year end, or up to seven months with BMA approval.
• Insurers with alternative capital arrangements must complete Schedule V(m) of the BSCR model.
• Complete the Latent Liability Stress Test under Schedule V(e) annually.
• Ensure the Information Sheet tab filing period start date and currency exchange/translation rate fields are accurately completed in the BSCR model.

Applies to

Class 3A insurers, Class 3A (re)insurers, Bermuda general business insurers (for BSCR model changes affecting Class 3A, 3B and 4 insurers)

Deadlines

• within four months after the end of the financial year: Deadline to file the Statutory Financial Return, Capital and Solvency Return, and Audited Financial Statements.
• up to seven months after the end of the financial year (with BMA approval): Extended deadline for filing the SFR, CSR, and audited financial statements upon application to the Authority.
• within 14 days of filing the Financial Condition Report with the Authority: Deadline to publish the FCR on the insurer's website.
• within 10 days of receipt of a written request: Deadline to furnish the latest FCR to the public if the insurer has no website.