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20th of May 2013

Bermudian captives face enhanced reporting

Vicky Beckett 06/08/2012

The Bermuda Monetary Authority is proposing a new consolidated statutory filing requirement for captives.
 
Captives will have to submit an enhanced statutory financial return, including an own risk assessment.
 
“This will demonstrate on an on-going basis that each company understands the nature, scale and complexity of its business,” said Shelby Weldon, BMA director of licensing and authorisations.
 
“This change is in line with the overall reporting enhancements we are putting in place across all insurer classes,” he said.
 
The new information will be combined with existing reports captive reports, such as the Statutory Financial Return and the annual declaration of compliance with the code of conduct.

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