Notice - Bermuda Solvency Capital Requirement for 2019 Year-End (2019-12-20)

Summary

This is a short notice from the Bermuda Monetary Authority confirming technical details for 2019 year-end Bermuda Solvency Capital Requirement (BSCR) reporting, specifically relating to Schedule XXIII (Interest Rate Sensitive Assets and Liabilities) and Schedule IX(A) (CISSA/GSSA Regulatory Capital Confirmation).

• Interest rates: For 2019 year-end reporting, insurers should use the same interest rates for Schedule XXIII as were used for 2018 year-end; these rates have been re-published on the BMA website.
• Model correction: The BSCR models released on 28 November 2019 contained an error on Schedule IX(a) CISSA/GSSA Capital Summary, where the Regulatory Capital column was incorrectly linked to 2018 year-end methodology; this has now been corrected to reflect 2019 year-end methodology.
• Recommended action: Insurers that have not yet populated their 2019 year-end model are advised to use the updated models published on the BMA website.
• Queries: Questions on this notice or BSCR regulatory reporting generally should be directed to riskanalytics@bma.bm.

Key obligations

• Insurers who have not yet populated their 2019 year-end BSCR model should use the updated models published on the BMA website reflecting the corrected Schedule IX(a) Regulatory Capital methodology.

Applies to

insurers subject to Bermuda Solvency Capital Requirement (BSCR) reporting, insurers filing CISSA/GSSA regulatory capital confirmations