Notice - Enhanced Reporting for Limited Purpose Insurers (2014-10-08)

Summary

This BMA notice defers the planned move to an electronic filing (e-filing) platform and revised models for limited purpose insurers' statutory financial returns. Implementation of the new e-filing system is pushed back to 2015, meaning affected insurers should continue using the existing filing process for their 2014 year-end statutory financial returns.

• Who is affected: Class 1, Class 2, Class 3, Class A, Class B and dual licence limited purpose insurers
• What changes: Implementation of the revised e-filing platform and models for Insurance Returns and Solvency Amendment Regulations reporting is deferred until 2015
• What stays the same: 2014 year-end statutory financial returns must still be filed in accordance with the existing (pre-amendment) requirements
• Next steps: The Authority will raise the phased implementation of the revised e-filing models with industry in due course

Questions about the deferral or the revised e-filing requirements can be directed to the Authority at einfo@bma.bm.

Key obligations

• Class 1, Class 2, Class 3, Class A, Class B and dual licence limited purpose insurers must continue to file their 2014 year-end statutory financial returns in accordance with the existing (pre-e-filing) requirements.

Applies to

Class 1 insurers, Class 2 insurers, Class 3 insurers, Class A insurers, Class B insurers, dual licence insurers, limited purpose insurers

Deadlines

• 2014 year-end: Limited purpose insurers must file their 2014 year-end statutory financial returns under the existing (pre-e-filing) requirements.
• 2015: Deferred implementation date for the revised electronic filing (e-filing) platform and models for limited purpose insurers.