BER BMA Commercial Insurers Guide

On Mar. 31, BER BMA issued guidance notes for commercial insurers.

  • BER BMA issued guidance notes for commercial insurers and insurance groups' statutory reporting regime following amendments to statutory reporting framework.
  • Follows BER GVT publication of recently amended Insurance Account rules, #206065.
  • Amendments
  • The guidance notes incorporate amendments made to insurance regulatory framework.
  • The most material changes include the revision of the requirements for the use of the Scenario-Based Approach, revision of the risk margin calculation for insurance groups.
  • Also, includes the creation of a new, augmented, standalone schedule for its EBS framework, Schedule of Economic Balance Sheet Valuation Principles (EBS Rules).
  • Prior to development of EBS regime, the SFS was used as the basis to calculate ECR.
  • The EBS regime, which will determine the insurer’s ECR, uses the consolidated GAAP financial statements subject to certain prudential filters and EBS valuation rules.
  • The SFS now forms the basis to produce the EBS by amending the SFS to reflect the consolidated GAAP financial statements values, consistent with the EBS framework.
  • Commercial insurers are now required to file a statutory balance sheet, statutory income statement, unconsolidated SFS reflecting unconsolidated financial position.
  • The Account Regulations also were amended to remove the requirements pertaining to commercial insurers and transfer these requirements to the Insurance Accounts Rules.

Regulators BER BMA
Entity Types Ins
Reference Gd, 3/31/2024;
Functions Accounting; Financial; Operations; Reporting
Countries Bermuda
Category National Regulator
Products Insurance
Regions Am
Rule Type Guidance
Rule Date 3/31/2024
Effective Date 3/31/2024
Rule Id 206433
Linked to Rule :206065
Reg. Last Update 3/31/2024
Report Section International

Last substantive update on 04/01/2024