Notice - E-SFR System Now Available (2016-04-29)

Summary

This notice from the Bermuda Monetary Authority announces that its new Electronic Statutory Financial Return (E-SFR) system is now operational for filing Statutory Financial Returns under the Insurance Act 1978 and related regulations. It clarifies the transition timeline for moving from manual to electronic filing.

• Who it affects: Class 1, 2, 3, A, and B insurers, and Special Purpose Insurers (SPIs).
• Transitional option: Insurers with a financial year-ending up to 30 December 2016 may file either through the new E-SFR system or using the existing manual format.
• Mandatory electronic filing: For financial years ending 31 December 2016 and beyond, Statutory Financial Returns must be filed electronically via E-SFR; hard copy submissions will no longer be accepted.
• Enrolment: Insurers seeking access to the E-SFR system or with questions should email eSFR@bma.bm to begin the system enrolment process.

The notice references and supersedes earlier communications on the same topic dated 26 February 2014, 8 October 2014, and 22 February 2016, which remain available on the Authority's website for background.

Key obligations

• Insurers with financial year-endings up to 30 December 2016 may choose to file Statutory Financial Returns either via the E-SFR system or the existing manual format
• Insurers with financial years ending 31 December 2016 and beyond must file Statutory Financial Returns electronically via the E-SFR system, with hard copy submissions no longer accepted
• Insurers seeking access to the E-SFR system must email eSFR@bma.bm to complete the enrolment process

Applies to

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

Deadlines

• financial year commencing 1st January 2016: New legislative requirements for E-SFR filing become effective
• financial year-endings up to 30th December 2016: Insurers have the option to file via E-SFR or the existing manual format
• financial years-ending 31st December 2016 and beyond: Electronic filing via E-SFR system becomes mandatory; hard copy submissions no longer required