Notice E-SFR 2016 SPI Filings (2016-07-21)

Summary

This notice from the Bermuda Monetary Authority follows up on a February 2016 notice and confirms that Special Purpose Insurers (SPIs) must file their annual Statutory Financial Returns electronically through the E-SFR system, starting with the financial year ending 31 December 2016.

• Filing requirement: Statutory Financial Returns for the year ending 31 December 2016 and beyond must be filed electronically via the E-SFR system.
• Section 56 Directions: Directions issued for the 31 December 2016 year end will specify the required Forms, Schedules and Attachments, and will require SPIs to map GAAP financial statements to the E-SFR statutory forms using the relevant insurance accounts instructions.
• Enrolment: SPIs needing log-in credentials must complete the attached enrolment form and return it to eSFR@bma.bm.
• Industry guidance: BMA will hold industry meetings at BMA House in Q4 2016 to provide additional guidance on using the E-SFR system for SPI filings.

The notice is informational and administrative in nature, implementing electronic filing requirements already introduced by legislation effective for the financial year commencing 1 January 2016, and directs SPIs to contact the Authority with questions.

Key obligations

• SPIs must file their Statutory Financial Return for the year ending 31 December 2016 and subsequent years electronically via the E-SFR system.
• SPIs must comply with Section 56 Directions specifying required Forms, Schedules and Attachments for the 31 December 2016 year-end filing.
• SPIs must map their GAAP Financial Statements to the E-SFR statutory forms using the relevant insurance accounts instructions as required by the Section 56 Directions.
• Individuals requiring E-SFR log-in credentials must complete the enrolment form attached to the notice and return it to eSFR@bma.bm.

Applies to

Special Purpose Insurers (SPIs)

Deadlines

• financial year ending 31st December 2016: Statutory Financial Returns for this year-end and beyond must be filed electronically via the E-SFR system.
• financial year commencing 1st January 2016: New legislative E-SFR filing requirements become effective.
• Q4 2016: BMA will hold industry meetings at BMA House to provide guidance on E-SFR system use for SPI filings.