Notice - BSCR Update Proposal - Updated Appendix A USD (2018-01-08)

Summary

This notice from the Bermuda Monetary Authority corrects a technical error in Appendix A of its November 2017 Bermuda Solvency Capital Requirement (BSCR) Update Proposal consultation paper. The Authority identifies that the interest rate Down shock values for US Dollar in Table A.1 were incorrect, and it publishes the corrected USD values in this notice.

• Error identified: The USD interest rate Down shock values in Table A.1 of the original consultation paper contained errors ranging from 1 to 8 basis points.
• Not affected: The USD Up shock values, and the shock values for all other currencies, remain as previously published and are unaffected by this correction.
• Action provided: A revised Table A.1 with corrected USD Up and Down shock percentages by tenor (1 to 30 years) is included in the notice.
• Contact: Questions about the update should be directed to riskanalytics@bma.bm.

This is a correction notice tied to an open consultation process rather than a standalone binding rule; it does not itself impose new ongoing filing or compliance obligations beyond using the corrected figures when referencing the BSCR Update Proposal.

Applies to

insurers subject to the Bermuda Solvency Capital Requirement (BSCR)