The Bermuda Monetary Authority (BMA) has republished the 2024 year-end Bermuda Solvency Capital Requirement (BSCR) models for Class 4, Class 3B, Class 3A, Class C, Class D and Class E insurers and for insurance groups after identifying issues in the versions released on 2 December 2024. Across the insurance group model and the commercial insurer models, Schedule IX(a) (Solvency Self Assessment Capital Summary) has been updated to reference 2024 year-end capital charges rather than 2019 year-end capital charges. The Class 4, 3B and 3A model also corrects a formula error in the Summary tab affecting the Minimum Margin of Solvency Net Loss Provision calculation for insurers reporting under International Financial Reporting Standards (IFRS). For Class C, D and E, Schedule VI (Schedule of Assets) fixes a validation-check formula error affecting insurers reporting under General Accepted Accounting Principles (GAAP). The BMA recommends using the 2 December 2024 model where the issues do not materially impact an insurer or insurance group, and using the republished models where the firm is materially affected.
Bermuda Monetary Authority republishes 2024 year-end BSCR models for commercial insurers and insurance groups to correct capital charge references and formula errors
The Bermuda Monetary Authority has republished the 2024 year-end Bermuda Solvency Capital Requirement models for various insurer classes and insurance groups due to issues in the December 2024 versions. Key updates include referencing 2024 year-end capital charges and correcting formula errors affecting solvency calculations under IFRS and GAAP. The BMA advises using the republished models if the issues materially impact the insurer or group.