Notice - Commercial Insurer and Insurance Groups – Updated Quarterly Financial Return Templates (2024-10-04)

Summary

This BMA notice directs commercial insurers and insurance groups that file quarterly financial returns to reflect exposure to Hurricane Helene in their next filing. It does not create a new return template obligation generally, but adds a specific reporting instruction tied to this catastrophe event.

• Who must act: Insurance Groups, Class 4, Class 3B and Class 3A Insurers that are required to submit quarterly financial returns.
• What to report: Include exposure to Hurricane Helene in the 'Catastrophe Exposure' tab of the quarterly financial return, under 'Underwriting Loss Event #1'.
• Estimate basis: Because loss estimates for Hurricane Helene may still be developing, insurers and groups must report their preliminary best estimates when filing.

Questions about the notice or other regulatory matters can be directed to the Authority's Risk Analytics team by email.

Key obligations

• Insurance Groups, Class 4, Class 3B and Class 3A Insurers required to file quarterly financial returns must include their Hurricane Helene exposure in the 'Catastrophe Exposure' tab under 'Underwriting Loss Event #1'.
• Affected insurers and groups must report preliminary best estimates of Hurricane Helene losses when filing their quarterly financial return, given that final loss estimates may still be developing.

Applies to

Insurance Groups, Class 4 Insurers, Class 3B Insurers, Class 3A Insurers, Commercial Insurers

Deadlines

• when filing their quarterly financial return: Insurers and groups must include Hurricane Helene exposure and preliminary best estimates in the next quarterly financial return filing.