Notice - 2020 Year-End BSCR Model for Class 3A and 3B Insurers - Schedule V(e) Stress/Scenario Tests (2021-02-23)

Summary

This is a short corrective notice from the Bermuda Monetary Authority concerning the 2020 year end Bermuda Solvency Capital Requirement (BSCR) model used by Class 3A and 3B insurers. It flags an error in one part of the risk management schedule and directs insurers to a corrected version of the reporting model.

• Error identified: In Schedule V(e) - Schedule of Risk Management - Stress/Scenario Tests, the Cyber Underwriting Stress Scenario tests for Cloud Outage, Ransomware and Data Breach (rows 335 to 340) were included in error for the 2020 year end reporting period.
• Correction: These rows are to be omitted from the 2020 year end reporting for Class 3A and 3B insurers.
• Republished model: The Authority has re-published the corrected 2020 year end BSCR models on its website reporting forms and guidelines page.
• Contact: Questions about this notice or BSCR regulatory reporting generally should be directed to riskanalytics@bma.bm.

Key obligations

• Class 3A and 3B insurers must omit the Cyber Underwriting Stress Scenario tests (Cloud Outage, Ransomware, Data Breach) reported on rows 335 to 340 of Schedule V(e) when completing 2020 year end BSCR reporting.
• Class 3A and 3B insurers should use the re-published 2020 year end BSCR model available on the BMA website for their reporting.

Applies to

Class 3A insurers, Class 3B insurers