Bermuda plans to implement mandatory electronic statutory financial returns (E-SFR) for its captives and special purpose insurers (SPIs) from 2017.
The next 12 months will see the launch of the E-SFR system for captives and SPIs, as well as a review of the supervisory regime for insurance intermediaries and managers, according to the Bermuda Monetary Authority’s (BMA) business plan for 2016.
From 31 December 2016, it will become mandatory for Class 1,2,3, A and B captives and SPIs to adopt system, so that they can provide detailed filings electronically.
The BMA envisions the project being in full swing by Q2 2017.
Jeremy Cox, CEO 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.”
