Electronic – Statutory Financial Return (E-SFR) Timae Flood Bermuda Monetary Authority

Agenda History E-SFR System Overview Profiles New Requirements Creating and Completing an E-SFR Submission Support and Contact Information Questions

History Prior model excel based Market consultation and Trial run completed Project reassessed following Industry Feedback

Agenda History E-SFR System Overview Profiles New Requirements Creating and Completing an E-SFR Submission Support and Contact Information Questions

E-SFR System Launch Trial Run completed 31 st December 2015 E-SFR System launched 29 th April 2016 Enrolment process commenced Relevant legislation effective 1 st January 2016 Submissions from 31 st December 2016 must be filed through the E-SFR system

E-SFR System Overview E-SFR web application Portal for creating and filing Statutory Financial Returns (SFR) Application Manager Manages companies, Insurance Company Managers, and Returns in the system Insurance Company Manager Completes and submits Returns Statutory Financial Return

E-SFR Log-in Page

Return Navigation

Quick Links Tab Navigation Tool

Agenda History E-SFR System Overview Profiles New Requirements Creating and Completing an E-SFR Submission Support and Contact Information Questions

The Application Manager The Role of the Application Manager The Application Manager manages the E-SFR application for each insurance company enrolled under their profile. An insurance company may have more than one Application Manager. Their duties include: 1.Creating and assigning Approved Persons 2.Creating Insurance Company Managers 3.Creating Returns

Approved People

Company Information

Application Manager Reports

Returns Landing Page

The Insurance Company Manager Insurance Company manager profile created by authorized Application Manager Insurance company manager is linked to specific companies Main duties include: 1.Completing the Return; 2.Generating the Declaration document for signature; 3.Submitting application requests; and 4.Submitting the return

Agenda History E-SFR System Overview Profiles New Requirements Creating and Completing an E-SFR Submission Support and Contact Information Questions

New Requirements Company Information Statement of Control Schedule I – Underwriting Analysis Schedule II – Segregated Accounts Own Risk Assessment

Agenda History E-SFR System Overview Profiles New Requirements Creating and Completing an E-SFR Submission Support and Contact Information Questions

Statement of Control Provide details of: Shareholder Controllers (Name, Ownership percentage, effective date) Jurisdiction of Direct and Ultimate Parent

Statutory Balance Sheet

Statutory Statement of Income

Statement of Capital and Surplus

Own Risk Assessment

Schedule I

Schedule II

Attachments Attachments are to be provided for the following: 1. Audit Opinion; 2.Notes to the Financial Statements; 3.Loss Reserve Specialist Opinion / Actuarial Certificate; 4.Other

Solvency Solvency details are pre-populated

Statutory Declaration Annual Statutory Declaration of Compliance information – combined to produce an automated PDF document. Compliance confirmation by PR and two Directors Upload signed declarations on declaration page(digital signature to be introduced at a later date)

Declaration

Agenda History E-SFR System Overview Profiles New Requirements Creating and Completing an E-SFR Submission Support and Contact Information Questions

Filing Applications

Return Submission Validate the Return Generate PDF document Electronically submit completed Statutory Financial Return Insurers will not be required to provide a hard copy

Agenda History E-SFR System Overview Profiles New Requirements Creating and Completing an E-SFR Submission Support and Contact Information Questions

Support & Contact Information User Manual System Guide For support issues and questions:

Questions & Answers