Notice - Insurance Returns and Solvency Regulations 1980 Section 8(i) for 2014 Year-End Filing (2015-04-23)

Summary

This is a short notice from the Bermuda Monetary Authority clarifying the scope of external audit review for the 2014 year end statutory filing under the Insurance Returns and Solvency Regulations 1980, Section 8(i).

• Affected insurers: Class 4, Class 3B and Class 3A insurers
• Clarification: For the 2014 year end filing, the Minimum Margin of Solvency calculation does not need to be included within the scope of the approved auditor's opinion
• Contact: Questions on the scope of this notice may be sent to RiskAnalytics@bma.bm

The notice applies only to the 2014 year end filing cycle and does not state a specific filing deadline itself, focusing instead on narrowing what the auditor's opinion must cover.

Key obligations

• For the 2014 year end filing, Class 4, Class 3B and Class 3A insurers are not required to have the Minimum Margin of Solvency calculation included within the scope of the approved auditor's opinion

Applies to

Class 4 insurers, Class 3B insurers, Class 3A insurers