Notice - Insurance Filing Extension (2020-03-18)

Summary

This is a COVID-19 notice from the Bermuda Monetary Authority granting a one-month, fee-free extension for 2019 year-end insurance annual statutory filings, and temporarily relaxing the requirement to hold physical Board of Directors meetings in Bermuda.

• Filing extension: A one-month extension (with the extension fee waived) is available to all Bermuda insurance groups, all insurer classes (Class 1, 2, 3, 3A, 3B, A, B, C, D, E, Special Purpose Insurers and Collateralized Insurers), intermediaries and insurance managers, running from each entity's respective annual statutory filing date.
• How to request it: Commercial insurers (Class 4, 3B, 3A, E, D, C) and Collateralized Insurers must email riskanalytics@bma.bm; Limited Purpose Insurers (Class 1, 2, 3, A, B and Special Purpose Insurers) must submit a request via the ESFR system; Insurance Intermediaries and Insurance Managers must email Insuranceintermediaries@bma.bm and insurancemanagers@bma.bm respectively.
• Board meetings: The Authority will not enforce the requirement to hold physical Board of Directors meetings in Bermuda during the first half of 2020, though registrants are encouraged to hold meetings via audio or video conferencing.

Registrants needing the extension must proactively notify the Authority through the specified channel for their category; the relief on Board meetings is automatic and does not require notification. Questions on the notice or on annual filings, including BSCR regulatory reporting, should be directed to riskanalytics@bma.bm.

Key obligations

• Commercial insurers (Class 4, 3B, 3A, E, D, C) and Collateralized Insurers seeking the filing extension must send an email notification to riskanalytics@bma.bm.
• Limited Purpose Insurers (Class 1, 2, 3, A, B and Special Purpose Insurers) seeking the extension must submit a one-month extension request via the ESFR system.
• Insurance Intermediaries must email Insuranceintermediaries@bma.bm and Insurance Managers must email insurancemanagers@bma.bm to request the extension.
• Registrants relying on the Board meeting relief should still endeavour to hold Board meetings via audio or video conferencing during the first half of 2020.

Applies to

insurance groups, Class 1 insurers, Class 2 insurers, Class 3 insurers, Class 3A insurers, Class 3B insurers, Class A insurers, Class B insurers, Class C insurers, Class D insurers, Class E insurers, Class 4 insurers, Special Purpose Insurers, Collateralized Insurers, insurance intermediaries, insurance managers

Deadlines

• one-month extension from respective annual statutory filing date: Insurance annual statutory filings for 2019 year-end may be submitted up to one month after the entity's normal annual filing deadline, fee-free, if requested through the appropriate channel.
• first half of the 2020 year: The Authority will not enforce the requirement for Bermuda Registrants to hold physical Board of Directors meetings in Bermuda during this period.