Insurance (Insurance Marketplace Providers) (Statutory Financial Return) Rules 2020

Summary

These Rules, made by the Bermuda Monetary Authority under the Insurance Act 1978, require every Insurance Marketplace Provider to prepare and file an annual Statutory Financial Return. The Rules set out the filing deadline, accompanying documents, and record-keeping requirements for such returns.

• Preparation: Every Insurance Marketplace Provider must prepare a Statutory Financial Return covering the matters set out in the Schedule (published separately on the BMA website).
• Filing deadline: The Statutory Financial Return must be filed with the Authority on or before 30 June each year.
• Accompanying documents: The Return must be accompanied by a copy of the provider's management accounts for the preceding financial year, a copy of the business plan for the next financial year, and a declaration signed by two directors (one of whom may be the chief executive) affirming the information is fair and accurate.
• Record retention: A copy of the filed Return must be kept at the provider's principal office for five years from the date of filing.
• Production on direction: If directed by the Authority, the provider must produce a copy of the Return by the date specified in that direction.

The Rules came into operation on 30 April 2020 and remain in force, applying specifically to entities meeting the definition of Insurance Marketplace Provider under section 1(1) of the Insurance Act 1978.

Key obligations

• Prepare a Statutory Financial Return covering the matters set out in the Schedule
• File the Statutory Financial Return with the Authority on or before 30 June of each year
• Accompany the Return with a copy of management accounts for the preceding financial year
• Accompany the Return with a copy of the business plan for the next financial year
• Accompany the Return with a declaration signed by two directors (one may be the chief executive) attesting the information is fair and accurate
• Keep a copy of the filed Statutory Financial Return at the principal office for five years from the date of filing
• Produce a copy of the Statutory Financial Return to the Authority by the date specified if directed to do so

Applies to

Insurance Marketplace Provider

Deadlines

• 30 June of each year: Deadline for filing the Statutory Financial Return with the Authority
• 30 April 2020: Commencement date of these Rules
• five years from the date of filing: Period for which a copy of the Statutory Financial Return must be retained at the principal office
• date specified in the Authority's direction: Deadline to produce a copy of the Statutory Financial Return if directed by the Authority

Related documents

• This document is made under Insurance Act 1978