Notice - Results of Enhanced Reporting Trial Run for Limited Purpose Insurers (2014-02-26)

Summary

This notice from the Bermuda Monetary Authority reports on the outcome of an electronic filing (e-filing) trial run for enhanced reporting requirements under the Insurance Returns and Solvency Amendment Regulations, applicable to limited purpose insurers. The trial, which concluded on 31 January 2014, is described as successful, and the Authority is deferring full implementation of the enhanced reporting requirement to the 2014 year end while it refines the e-filing models based on industry feedback.

• Deferred implementation: The Authority will defer implementation of the enhanced reporting requirement for limited purpose insurers until the 2014 year end.
• 2013 year end filings: Limited purpose insurers must file their 2013 year end statutory financial returns in accordance with the existing (pre-enhanced) requirements.
• Further revisions: The Authority will make further revisions to the e-filing models based on feedback received during the trial and market consultation on proposed amendments to the Regulations.
• Publication of final models: Final e-filing models will be published on the Authority's website in advance of the 2014 year end filing deadline.
• Special Purpose Insurers (SPIs): SPIs will not be required to file under the enhanced reporting requirements applicable to limited purpose insurers; the Authority will consult with stakeholders on future filing requirements for SPIs in due course.

Companies with questions about the trial run, the deferred requirements, or the treatment of SPIs are directed to contact the Authority at einfo@bma.bm.

Key obligations

• Limited purpose insurers must file their 2013 year end statutory financial returns in accordance with the existing (pre-enhanced) filing requirements.
• Special Purpose Insurers are not required to file under the enhanced reporting requirements applicable to limited purpose insurers pending future consultation.

Applies to

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

Deadlines

• 31 January 2014: Conclusion of the enhanced reporting e-filing trial run.
• 2013 year end: Limited purpose insurers must file statutory financial returns for 2013 year end in accordance with existing (non-enhanced) requirements.
• 2014 year end: Deferred date by which the Authority intends to implement the enhanced reporting requirement; final e-filing models to be published in advance of this filing deadline.