YE Filing Requirements for Class 1 2 3 A B

Summary

This document sets out the Bermuda Monetary Authority's electronic Statutory Financial Return (E-SFR) filing requirements for Class 1, 2, 3, A and B insurers, as required under the Insurance Act 1978 and related Insurance Accounts and Insurance Returns and Solvency Regulations 1980. It lists the specific forms, schedules and attachments that must be submitted as part of the annual E-SFR filing.

Required E-SFR components

• Class 1, 2 & 3 filing package: Company Information Form, attachments (Auditors Report, Notes to Financial Statements, LRSO if applicable, Schedule of Segregated Accounts, Alternative Capital Schedule, Schedule of Cyber Risk Management, Schedule of Compliance with Sanctions), Statement of Control Form, Financial Statements (Forms 1A, 2A, 8), Own Risk Assessment (Risk Register, Risk Appetite, Investment Guidelines), Schedule I Underwriting Analysis, Solvency Page, and Annual Statutory Declarations.
• Class A & B filing package: Company Information Form, attachments (Auditors Report, Notes to Financial Statements, Actuary Certificate, Schedule of Segregated Accounts, Anti Money Laundering Return effective 1 January 2017, Schedule of Cyber Risk Management, Schedule of Compliance with Sanctions), Statement of Control Form, Financial Statements (Forms 4, 5, 8), Own Risk Assessment, Schedule I Underwriting Analysis, Solvency Page, and Annual Statutory Declarations.
• LRSO frequency: All Class 3 insurers must file a Loss Reserve Specialist Opinion 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 also file annually; all other Class 2 insurers file the LRSO triennially.
• 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 upon instruction to the insurer.

The E-SFR must be filed within six months of the insurer's financial year end, though the Authority may allow a longer period of up to nine months upon application by the insurer.

Key obligations

• File the E-SFR within six months of the financial year end, or within an extended period of up to nine months if approved by the Authority upon application
• Class 3 insurers, and qualifying Class 1 or Class 2 insurers (over 30 percent professional liability business or discounting loss provisions without meeting undiscounted solvency requirements), must file a Loss Reserve Specialist Opinion annually
• Other Class 2 insurers must file a Loss Reserve Specialist Opinion triennially
• Enrol for access to the E-SFR system by emailing esfr@bma.bm before filing
• Submit all required forms, schedules, attachments and declarations specified for the insurer's class as part of the annual E-SFR filing
• 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 Authority may allow upon application by the insurer
• annually: LRSO filing frequency for Class 3 insurers and qualifying Class 1/2 insurers
• triennially: LRSO filing frequency for other Class 2 insurers
• effective 1st January 2017: Alternative Capital Schedule and Anti-Money Laundering Return requirements become effective
• effective for 2018 year ends: Schedule of Cyber Risk Management and Schedule of Compliance with Sanctions requirements become effective