Notice - 2024 Year-End BSCR Model Republication (2025-01-21)

Summary

This notice from the Bermuda Monetary Authority (BMA) alerts commercial insurers and insurance groups to corrections found in the 2024 year-end BSCR models originally published on 2 December 2024. It lists specific errors identified in various Class BSCR models and Insurance Group model schedules, and explains when updated versions should be used.

• Insurance Group BSCR Model: Schedule IX(a) Insurance Group Solvency Self Assessment Capital Summary was incorrectly referring to 2019 year end capital charges instead of 2024 year end charges; now corrected.
• Class 4, 3B and 3A BSCR Models: Schedule IX(a) Commercial Insurer Solvency Self Assessment Capital Summary had the same 2019 vs 2024 capital charge reference error; also, the Summary tab had a formula error affecting IFRS reporters' Minimum Margin of Solvency Net Loss Provision calculation.
• Class C, D and E BSCR Models: Schedule IX(a) had the same 2019 vs 2024 capital charge reference error; Schedule VI (Schedule of Assets) had a formula error in a validation check reference affecting GAAP reporters.
• Recommended action: If the errors do not materially affect an insurer or insurance group, the Authority recommends continuing to use the 2 December 2024 model. If materially affected, insurers and groups should download the updated, corrected models from the BMA website.

The notice is informational and corrective in nature, addressing model errors rather than imposing new substantive requirements, though affected insurers must assess materiality and use the correct model version accordingly.

Key obligations

• Insurers and insurance groups materially affected by the identified BSCR model errors must use the updated, corrected models published on the Authority's website rather than the 2 December 2024 version.
• Insurers and insurance groups not materially affected by the errors are advised to continue using the model published on 2 December 2024.

Applies to

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