Insurance (Prudential Standards) (Insurance Managers Annual Return) Rules 2017

Summary

These Rules, made by the Bermuda Monetary Authority under the Insurance Act 1978, set out the annual filing obligations for insurance managers. They require insurance managers to submit a yearly return to the Authority covering specified matters, along with supporting financial and planning documents, and to retain records for inspection.

• Annual return: An insurance manager must file an annual return with the Authority on or before 30 June each year, containing the information specified in the Schedule as it stands at the time of filing.
• Supporting documents: The annual return must be accompanied by the insurance manager's management accounts for the financial year and its business plan for the next financial year.
• Record keeping: A copy of the annual return must be kept at the insurance manager's principal office for five years from the date it was filed, and produced to the Authority on request by a specified date.
• Declaration: At the time of filing the annual return, the insurance manager must also file a declaration signed by two directors (one of whom may be the chief executive) confirming the return's information is fair and accurate to the best of their knowledge.

The detailed content requirements for the return are set out in a separate Schedule published on the BMA website, which has been amended by BR 68/2019 with effect from 30 May 2019.

Key obligations

• File an annual return with the Authority on or before 30 June of each year.
• Accompany the annual return with management accounts for the financial year and a business plan for the next financial year.
• Retain a copy of the filed annual return at the principal office for five years from the filing date.
• Produce the retained annual return to the Authority if directed, by the date specified in that direction.
• File a signed declaration from two directors (one of whom may be the chief executive) at the time of filing the annual return, attesting to the fairness and accuracy of its information.

Applies to

insurance managers

Deadlines

• on or before 30 June of each year: Deadline for insurance managers to file their annual return with the Authority.
• five years from the date the annual return was filed: Period for which the insurance manager must retain a copy of the annual return at its principal office.
• on or before a date specified in the Authority's direction: Deadline to produce the retained annual return to the Authority if so directed.

Related documents

• This document is made under Insurance Act 1978