Notice - E-SFR 2015-2016 Year End SFR Reporting Periods (2016-02-23)

Summary

This notice from the Bermuda Monetary Authority updates insurers on the transition to the new Electronic Statutory Financial Return (E-SFR) system, following industry testing that concluded on 31 December 2015. It sets out interim filing arrangements for the 2016 Statutory Financial Return (SFR) cycle while the E-SFR system is finalised for release.

• Before E-SFR release: Insurers must continue to file their Statutory Financial Return in the previous manual format until the E-SFR system is officially released.
• Year-endings up to 30 December 2016: Once the E-SFR system is released, insurers with financial year-endings up to 30 December 2016 may choose to file either via the new E-SFR system or in the previous manual format.
• Year-endings 31 December 2016 and beyond: Insurers with a year-ending of 31 December 2016 or later are required to file electronically via the E-SFR system.
• Special Purpose Insurers (SPIs): Annual statutory or modified filings by SPIs are in scope for E-SFR filing; SPIs with modified filing requirements will receive additional guidance on the documents to file.
• System release timing: The Authority intends to release the E-SFR system before the end of April 2016.

The notice references the Insurance Amendment (No. 3) Act 2015, which introduces the new legislative E-SFR filing requirements effective for the financial year commencing 1 January 2016. Insurers with questions are directed to contact the Authority via eSFR@bma.bm.

Key obligations

• Until the E-SFR system is officially released, insurers must file their Statutory Financial Return using the previous manual format.
• Insurers with financial year-endings up to 30 December 2016 may file either via the E-SFR system or the previous manual format once E-SFR is released.
• Insurers with a financial year-ending of 31 December 2016 or later must file their Statutory Financial Return electronically via the E-SFR system.
• Special Purpose Insurers (SPIs) must file their annual statutory or modified filings via the E-SFR system, subject to additional guidance for modified filings.

Applies to

Class 1 insurers, Class 2 insurers, Class 3 insurers, Class A insurers, Class B insurers, Special Purpose Insurers (SPIs)

Deadlines

• before the end of April 2016: The Authority intends to release the E-SFR system.
• 31st December 2016 and beyond: Insurers with a year-ending on or after this date are required to file their Statutory Financial Return electronically via the E-SFR system.
• up to 30th December 2016: Insurers with a year-ending up to this date have the option to file via E-SFR or the previous manual format once the system is released.
• 1st January 2016: New legislative E-SFR filing requirements under the Insurance Amendment (No. 3) Act 2015 become effective for the financial year commencing this date.