2024 Year-End Filing Requirements for Insurance Groups

Summary

This BMA document sets out the year-end filing requirements applicable to insurance groups for the 2024 financial year, consolidating the statutory returns, financial statements and capital/solvency reporting a designated insurer must submit on behalf of its group, along with changes to the 2024 BSCR model used for capital calculations.

• Group Statutory Financial Return (SFR): Must be filed within five months after financial year end (extendable to eight months with BMA approval); includes cover sheet, solvency certificate, statutory financial statements (Forms 1, 2, 8), ceded reinsurance particulars, EBS reconciliation, list of non-insurance regulated entities, and qualifying member particulars.
• Group Capital and Solvency Return (CSR): Filed within the same five (up to eight) month window, reported in USD only, comprising the Group BSCR, schedules, GSSA, catastrophe risk return, group minimum margin of solvency, group eligible capital, operational risk assessment, Financial Condition Report (FCR) and Group Actuary's Opinion; declaration requires signatures of two directors and the CRO or CFO.
• BSCR methodology: For 2024 year-end, groups must complete the BSCR under the 2018, 2019 and 2024 methodologies unless they apply to the Authority (via email to RiskAnalytics@bma.bm) for permission to use the 2024 methodology only.
• Audited group financial statements: Must be prepared annually on a consolidated basis under IFRS, Bermuda/Canada/UK/US GAAP or other BMA recognised GAAP, audited by an approved auditor, and filed within five (up to eight) months after financial year end; the Authority will publish these statements.
• Quarterly financial returns: Must be prepared and filed on or before the last day of May, August and November each year, covering unaudited consolidated quarterly financials, intra group transactions and risk concentrations, ECR ratio, bond holdings by BSCR rating, and catastrophe event details.
• FCR publication: The Financial Condition Report must be published on the group's website within 14 days of filing with the Authority, or furnished to the public within 10 days of a written request if the group has no website.
• 2024 BSCR model changes: Updates include added cyber underwriting scenario detail and CISSA content, rating agency fields (AM Best, Fitch) in fixed asset and ceding reinsurer schedules, and new capital requirement components for lapse risk, expense risk, man made catastrophe risk and risk margin information.

Groups writing long term business must also select a valuation basis (Standard Approach, Scenario Based Approach, or Both) on the Group Information tab, and the annual Latent Liability Stress Test under Schedule V(e) remains a required annual submission.

Key obligations

• A designated insurer must file the Group Statutory Financial Return within five months after financial year end, or up to eight months with BMA approval.
• A designated insurer must file the Group Capital and Solvency Return (including BSCR schedules, GSSA, FCR and Group Actuary's Opinion) within five months after financial year end, or up to eight months with BMA approval, reported in USD, submitted in both electronic and printed form.
• The Group CSR declaration must be signed by two directors (one may be the CEO) and either the CRO or CFO of the parent company.
• The Financial Condition Report must be signed by the parent company's CEO and CRO or CFO, and published on the group's website within 14 days of filing, or furnished to the public within 10 days of a written request if no website exists.
• Every insurance group must prepare and file audited consolidated group financial statements annually, within five months after financial year end (up to eight months with approval), audited by an approved auditor.
• Every insurance group must prepare and file quarterly financial returns on or before the last day of May, August and November each year, including intra-group transaction details, largest unaffiliated exposures, ECR ratio, bond holdings and catastrophe event details.
• For the 2024 year end, groups must complete the BSCR using the 2018, 2019 and 2024 methodologies unless they obtain BMA permission (via email request) to use the 2024 methodology only.
• Insurance groups writing long-term business must select a valuation basis (Standard Approach, Scenario-Based Approach, or Both) on the Group Information tab.
• Groups must complete the annual Latent Liability Stress Test under Schedule V(e).

Applies to

insurance groups, designated insurers

Deadlines

• within five months after the end of the financial year (extendable up to eight months with BMA approval): Filing of Group Statutory Financial Return, Group Capital and Solvency Return, and audited group financial statements
• within 14 days of filing the FCR with the Authority: Publication of the Financial Condition Report on the insurance group's website
• within 10 days of receipt of a written request: Furnishing a copy of the latest Financial Condition Report to the public if the group has no website
• on or before the last day of May, August and November of every year: Filing of quarterly financial returns