Notice - 2023 Insurance Group and Commercial Insurers Quarterly Returns (2023-04-06)

Summary

This is a short notice from the Bermuda Monetary Authority announcing that the 2023 Quarterly Return templates for insurance groups and commercial insurers are now published on the Authority's website. It also gives guidance on using IFRS based reporting tabs for the 2023 period.

• Templates available: The 2023 Quarterly Return templates can be accessed on the BMA's reporting forms and guidelines page for insurance.
• IFRS option: Insurance groups and commercial insurers reporting under IFRS (and that have implemented IFRS 17) may use tabs 1ASFS (IFRS), 2ASFS (IFRS) and 8ASFS (IFRS).
• No restatement required: Where the IFRS tabs are used, prior period comparatives do not need to be restated.
• Cumulative IFRS 17 impact: The cumulative impact of adopting IFRS 17 should be recorded in tab 8AFS line 2(g) and disclosed accordingly.
• Supervisory follow up: The Authority will separately engage with IFRS filers as part of the supervisory process to better understand the impact of IFRS adoption.

The notice is informational in nature, directing insurers to the correct forms and clarifying reporting treatment for IFRS 17 transition; questions can be directed to the Authority's risk analytics team.

Key obligations

• Insurance groups and commercial insurers using the IFRS tabs must record the cumulative impact of adopting IFRS 17 in tab 8AFS line 2(g) and disclose it accordingly.

Applies to

insurance groups, commercial insurers