The BMA has outlined specific filing requirements for various classes of insurers:

• Class 3A insurers: Detailed instructions are provided to assist in the preparation and submission of year-end financial statements and related documents.
• Class 4 and Class 3B insurers: Tailored guidelines to provide the necessary steps for accurate and timely filings.
• Class C insurers: Specific directives to ensure compliance with reporting standards.
• Class D and E insurers: Comprehensive instructions to cover all aspects of year-end reporting.
• Insurance groups: Group-level filing requirements to facilitate consolidated reporting.

To further aid insurers, the BMA has published several handbooks:

• General business handbook: Offers a thorough overview of reporting procedures and standards for general business insurers.
• Insurance group instructions handbook: Provides detailed guidance for insurance groups on compliance and reporting obligations.
• Long-term instructions handbook: Addresses the specific needs of long-term insurers, ensuring clarity in reporting processes.

Recognising the importance of robust risk management, the BMA has issued stress and scenario testing instructions:

• Class 3A insurers: Guidelines to assess financial resilience under various stress scenarios.
• Class 4, 3B and insurance groups: Comprehensive instructions for conducting stress tests pertinent to their operations.
• Class C, D and E insurers: Specific scenarios to evaluate potential vulnerabilities and response strategies.

The BMA has updated the BSCR models for various classes, reflecting the latest regulatory expectations:

• Class 3A, 3B, 4, C, D, E, collateralised insurers and groups: Each class has an updated BSCR model to ensure accurate solvency assessments.

For more information the official BMA’s legislative documents can be found here. Insurance entities are encouraged to review these documents thoroughly to ensure full compliance with Bermuda's regulatory standards.

In addition to insurance-specific documents, the BMA released the AML/ATF Ministerial Advisory 3 2024 on 2 December 2024. This advisory highlights risks associated with jurisdictions lacking robust anti-money laundering and counter-terrorist financing systems. The advisory mandates enhanced due diligence for transactions and relationships involving high-risk jurisdictions as identified by international standards, such as those set by the Financial Action Task Force.

The Ministerial Advisory 3 can be found here.