BMA updates BSCR templates

In response to recent market feedback, the Bermuda Monetary Authority (BMA) has announced that the Bermuda Solvency Capital Requirement (BSCR) templates published on 27 February 2023 have been updated, specifically for the ‘company specific parameters’ tabs.

The BMA said that these include Classes 3A and 3B, Class 4 and Classes C, D and E.

The Authority said that it encourages insurers to use the updated models; however, if the changes within the updated model do not impact insurers, they can continue using the originally published models.

The updated models have been re-published on the Authority’s website at the below location:  https://www.bma.bm/document-centre/discussions-consultation-papers

The BMA added that it appreciates the market’s continuous feedback to assist with updating and enhancing its regulatory reporting requirements.