Notice - BSCR Models for 2018 Year-End Reporting - Revised (2019-01-02)

Summary

This notice from the Bermuda Monetary Authority informs insurers that it has re-published revised BSCR (Bermuda Solvency Capital Requirement) models for 2018 year-end reporting. The revision fixes a formula error that had prevented some models from being submitted electronically using the embedded submission functionality.

• Affected models: Revised BSCR models cover Groups, Class 4, Class 3B, Class 3A, Class E, Class D and Class C insurers.
• Action for insurers: Insurers should obtain the latest versions of the models from the Authority's website and use the Import/Export tabs to transfer existing data into the revised models, following the Capital and Solvency Return Instruction Handbooks.
• Testing support: Insurers wishing to test the submission functionality of the revised BSCR models can contact the Authority at RiskAnalytics@bma.bm.
• Encouraged practice: The Authority strongly encourages insurers to submit all future BSCR models through the embedded electronic submission functionality as the most secure and convenient filing method.

The notice is informational and operational in nature, addressing a technical fix to reporting tools rather than imposing new substantive regulatory requirements.

Key obligations

• Insurers should use the revised BSCR models (rather than the earlier, faulty versions) for 2018 year-end reporting.
• Insurers transferring prior data into the revised models should use the Import/Export tabs per the Capital and Solvency Return Instruction Handbooks.

Applies to

Groups, Class 4 insurers, Class 3B insurers, Class 3A insurers, Class E insurers, Class D insurers, Class C insurers