Notice - Updated Risk Margin Calculators (2018-04-12)

Summary

This notice from the Bermuda Monetary Authority informs relevant insurers that the Long-Term Risk Margin Calculator used for BSCR reporting for the 2017 year-end has been revised again. A small error in the aggregation formula, found in the version re-published on March 21, 2018, has now been corrected in an updated calculator.

• Who is affected: Class C, Class D and Class E insurers preparing 2017 year-end BSCR reporting.
• What changed: A corrected version of the Long-Term Risk Margin Calculator, fixing an aggregation formula error, is now available on the BMA document centre insurance reporting forms and guidelines page.
• Action needed: Insurers should obtain and use the updated calculator for their 2017 year-end BSCR risk margin reporting; questions can be directed to riskanalytics@bma.bm.

Key obligations

• Class C, D and E insurers should use the updated (corrected) Long-Term Risk Margin Calculator, rather than the version re-published on March 21, 2018, for their 2017 year-end BSCR reporting.

Applies to

Class C insurers, Class D insurers, Class E insurers