23 January 2014Analysis

BMA to introduce electronic reporting for captives

As part of the Bermuda Monetary Authority’s (BMA) 2014 business plan an enhanced statutory financial return, which consolidates previous filing requirements with a new risk self-assessment and can be submitted electronically, will become an annual statutory requirement for captive insurers.

According to the BMA the proposed changes “will create greater efficiencies in the filing process and the collection of enhanced data will assist the Authority in its continued analysis of Bermuda’s captive market”.

Jeremy Cox, the Authority’s CEO, said: “in 2014, the Authority will continue to build upon our highly-regarded regime and further entrench key framework enhancements across all of the financial service sectors we regulate. We will also continue to facilitate business development for the jurisdiction while maintaining an effective, risk-based and appropriate regulatory environment that is workable for the quality firms which operate here.”

Also on the 2014 business plan are the implementation of group supervision for Bermuda’s largest insurance groups and a full National Association of Insurance Commissioners (NAIC) Qualified Jurisdiction assessment.

Cox concluded: “a world class financial services industry such as Bermuda’s requires the support of a world class financial services regulator capable of assuming a leading role at a global level. My goal and the goal of our leadership team is not only to ensure the Authority remains the world class regulator our industry and country demands. We also want to set the standard for quality regulation at home and abroad for the benefit of all stakeholders, including other regulators.”