Bermuda regulator introduces electronic reporting for captive insurers
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The Bermuda Monetary Authority plans to roll out electronic reporting to Bermuda-domiciled captive insurance companies as part of its 2014 business plan, the regulator said Thursday.
The BMA said in a statement it would amend Bermuda’s insurance legislation during this year’s second quarter to make an enhanced statutory financial return — which would consolidate previous filing requirements with a new risk self-assessment — the annual requirement for Bermuda captives.
The new enhanced SFR will be submitted electronically, the BMA said, and will increase efficiency in the filing process while enhancing the data collected by the authority, assisting the BMA in its analysis of the Bermuda captive market.
The BMA said its 2014 plan also includes implementing group capital requirements for Bermuda’s largest insurance groups, with the new requirements applying to reporting for the 2013 financial year and phased in over five years.
