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 (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.