Insurance Group Supervision Amendment Rules 2024 - Schedules

Summary

This document consists of the technical schedules attached to the Insurance Group Supervision Amendment Rules 2024, issued by the Bermuda Monetary Authority. It sets out the prescribed forms and line-item content that a registered insurance group must use when preparing its group statutory financial statements on an IFRS basis, together with detailed notes explaining what each line and disclosure must contain.

• Form 1A: Group Statutory Balance Sheet, listing required asset categories (cash, quoted and unquoted investments, investments in affiliates, mortgage loans, real estate, insurance and reinsurance contract assets, sundry assets, letters of credit) and liability and capital categories (insurance contract liabilities, other liabilities, statutory capital and surplus), plus required notes on premiums receivable, encumbered assets, and reconciliations of insurance and reinsurance contract liabilities/assets by remaining coverage and incurred claims.
• Form 2A: Group Statutory Statement of Profit or Loss, requiring disclosure of insurance contract revenue, insurance service expenses, reinsurance results, investment returns, insurance finance results, other income, tax and net income, with supplementary premium and operating expense disclosures.
• Form 8A: Group Statutory Statement of Capital and Surplus, requiring disclosure of statutory capital (share capital, contributed surplus, other fixed capital including hybrid instruments and guarantees) and statutory surplus movements (beginning and end of year balances, income, dividends, unrealized gains/losses, non-admitted asset changes, real estate appraisal changes, minority interest).
• Explanatory notes: Detailed line-by-line guidance clarifying how each balance sheet, income statement and capital/surplus line item is to be calculated and what must be disclosed in the accompanying notes.

The document itself is a set of standardized reporting templates and completion instructions rather than a standalone statement of substantive obligations; it operationalizes reporting requirements under the parent Insurance Group Supervision Amendment Rules 2024 for groups subject to Bermuda's group supervision framework.

Key obligations

• Registered insurance groups must prepare group statutory financial statements using the prescribed Form 1A (balance sheet), Form 2A (statement of profit or loss) and Form 8A (statement of capital and surplus) formats on an IFRS basis.
• Groups must include all notes and disclosures specified in the schedules (e.g. premiums receivable breakdown, encumbered asset details, reconciliations of insurance and reinsurance contract liabilities and assets, capital and surplus movement details) in their statutory financial statements, plus any additional information needed to ensure the statements are not misleading.
• Amounts in the statutory financial statements must be expressed in the currency specified under Rule 26.

Applies to

insurance groups, registered insurance groups subject to group supervision