31 March 2016Bermuda analysis

BMA to implement electronic financial returns for captives and SPIs

The Bermuda Monetary Authority (BMA) has announced plans to implement mandatory electronic statutory financial returns (E-SFR) for its captives and special purpose insurers (SPIs) from 2017. The authority made the announcement in its 2016 business plan.  From 31 December 2016, it will become mandatory for Class 1,2,3, A and B captives and SPIs to adopt the system, so that they can provide detailed filings electronically. The BMA expects the project to be in full swing by the second quarter of 2017. Jeremy Cox, chief executive officer of the BMA, said: “In 2016, the Authority will continue to spearhead projects of national economic significance, not the least of which is the further development of a financial stability policy initiative for Bermuda.”