Notice - 2022 year-end Report of Schedule VI and Schedule of Assets (2023-02-02)

Summary

This BMA notice clarifies the scope and completion requirements for the 2022 year end Schedule VI (Schedule of Assets) and Schedule VIA (Schedule of Funds Held by Ceding Reinsurers), following market feedback on recent amendments to these schedules.

• Exempt insurers: Class 4, Class 3B and Class 3A insurers are exempt from providing Schedules VI and VIA for the 2022 year-end reporting period.
• Required insurers: Long-term commercial insurers (Class C, Class D and Class E) must complete the Schedules for the 2022 year-end reporting period.
• Dual insurers and groups: Dual insurers and insurance groups must complete the Schedules in relation to their long-term business.
• Voluntary participation: Property and casualty commercial insurers, though exempt in 2023, are invited to complete the Schedules voluntarily on a best-effort basis and provide feedback via the Comments section of the model.
• Other Assets guidance: For section (I) Other Assets, insurers must provide a breakdown by BSCR rating; the Jurisdiction column is greyed out and not required this year, and models now allow unlimited rows to reconcile to statutory and economic balance sheets.
• Re-published models: The Authority has re-published the BSCR models on its website to allow unlimited entry of rows for required asset combinations.

Insurers should refer to the Authority's March 2021 consultation paper and July 2021 stakeholder letter for further guidance, and direct questions to riskanalytics@bma.bm.

Key obligations

• Class C, Class D and Class E long-term commercial insurers must complete Schedule VI and Schedule VIA for the 2022 year-end reporting period.
• Dual insurers and insurance groups must complete the Schedules in relation to their long-term business for the 2022 year-end reporting period.
• Insurers completing section (I) Other Assets must provide a breakdown of other assets by BSCR rating and reconcile to their statutory and economic balance sheet figures.

Applies to

Insurance Groups, Class 4 insurers, Class 3B insurers, Class 3A insurers, Class C insurers, Class D insurers, Class E insurers, dual insurers, property and casualty commercial insurers

Deadlines

• 2022 year-end reporting period: Deadline period for completing and filing Schedule VI and Schedule VIA for applicable insurers