Notice - 2024 Interim Group and Commercial Insurer BSCR Models (2024-04-26)

Summary

This notice from the Bermuda Monetary Authority informs insurance stakeholders that interim Bermuda Solvency Capital Requirement (BSCR) models have been published on the Authority's website to reflect a set of 2024 amendment rules affecting group and commercial insurer solvency requirements. It does not itself impose new substantive requirements beyond directing insurers to the updated interim models and confirming the timeline for final year end models.

• Amendment rules referenced: Insurance (Prudential Standards) (Insurance Group Solvency Requirement) Amendment Rules 2024; (Class 4 and Class 3B Solvency Requirement) Amendment Rules 2024; (Class 3A Solvency Requirement) Amendment Rules 2024; and (Class C, Class D, Class E Solvency Requirement) Amendment Rules 2024.
• Interim models: Updated interim BSCR models reflecting these amendment rules are available on the BMA website reporting forms and guidelines page for insurance.
• Final models timeline: As in prior years, the final 2024 year end BSCR models and supporting documentation will be made available in December 2024.
• Contact: Questions or comments on the interim models should be directed to RiskAnalytics@bma.bm.

Applies to

Commercial insurers, Insurance groups, Class 4 insurers, Class 3B insurers, Class 3A insurers, Class C insurers, Class D insurers, Class E insurers

Deadlines

• December 2024: Final 2024 year end BSCR models and supporting documentation will be made available