Notice
NOTICE - E-SFR 31 December 2016 Year End Filings (2016-10-31)
Issued 2016-10-31View on BMA's website Source document
Summary
This is a reminder notice from the Bermuda Monetary Authority regarding mandatory electronic filing of Statutory Financial Returns (SFR) through the E-SFR system for insurers with 31 December 2016 year-ends and onwards. It references the Insurance Act 1978 and related Accounts and Solvency Regulations, and confirms the E-SFR submission requirement has been effective since 1 January 2016.
- Who must file: Insurance Classes 1, 2, 3, A, B and Special Purpose Insurers must submit Statutory Financial Returns via the E-SFR system for 31 December 2016 year-end filings and all subsequent filings.
- Enrolment reminder: Insurers not yet enrolled in the E-SFR system are urged to enrol as soon as possible to become familiar with the system before filing deadlines.
- Industry support: The Authority will hold industry walkthrough sessions in November 2016, with invitations sent via its distribution list; queries or enrolment requests can be sent to esfr@bma.bm.
The notice is informational and administrative in nature, serving mainly to remind insurers of an existing statutory filing requirement and to encourage timely system enrolment ahead of upcoming deadlines.
Key obligations
- Insurance Classes 1, 2, 3, A, B and Special Purpose Insurers must submit their Statutory Financial Returns through the E-SFR system for 31 December 2016 year-end filings and onwards.
- Insurers not yet enrolled in the E-SFR system should enrol as soon as possible to familiarise themselves with the system ahead of filing deadlines.
Applies to
Insurance Class 1 insurers, Insurance Class 2 insurers, Insurance Class 3 insurers, Insurance Class A insurers, Insurance Class B insurers, Special Purpose Insurers
Deadlines
- 31 December 2016 year end: First mandatory E-SFR submission covered by this notice, for insurers' 31 December 2016 year-end filings and all subsequent year-ends.
- 1 January 2016: Effective date of the E-SFR submission requirement under the Insurance Act 1978 and related regulations.