Notice - Insurance Accounts Amendment Regulations 2016 (2016-10-25)

Summary

This notice from the Bermuda Monetary Authority sets out proposed minor housekeeping amendments to the Insurance Accounts Regulations, and invites public comment before the changes are finalised. It does not itself impose new binding requirements yet, but signals upcoming changes to statutory reporting forms and disclosure notes.

• Form 3 revoked: The Statutory Open Year Business Revenue Statement (Form 3), already temporarily omitted, would be permanently removed as the information is no longer required.
• Form 6 revoked: The combined General Business and Long-Term Business Statutory Balance Sheet for composite insurers, section 24(6) composite insurers and Special Purpose Insurers would be revoked; these insurers would instead prepare Form 1A and Form 4 separately.
• Form 7 revoked: The combined General Business and Long-Term Business Statutory Income Statement for the same insurer types would be revoked in favour of separate Form 2A and Form 5 statements.
• Dividends definition clarified: Schedule II Part IV Line 2(c) would be amended to remove wording limiting the dividend deduction to non-cash dividends, clarifying that all dividends (cash or non-cash) must be deducted from statutory capital and surplus.
• Discounting of reserves note restored: Schedule II Part V Line 17 would gain a note disclosure for discounting of reserves, restoring a disclosure previously required on Form 1 Line 17 for Class 1, 2 and 3 insurers that was erroneously omitted when requirements moved to Form 1A.

The Authority is seeking comments on these proposed changes rather than mandating immediate compliance; interested parties should respond by the stated deadline.

Key obligations

• Interested parties wishing to comment on the proposed amendments must submit comments to riskanalytics@bma.bm by 10th November 2016

Applies to

composite insurers, section 24(6) composite insurers, Special Purpose Insurers, Class 1 insurers, Class 2 insurers, Class 3 insurers

Deadlines

• 10th November 2016: Deadline for submitting comments on the proposed Insurance Accounts Amendment Regulations 2016 to riskanalytics@bma.bm