Annual Returns for Licensed Insurers
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Requirements for Annual Returns
In addition, the Commission has prepared the following documents which contain further explanatory information in respect of the annual return requirements for international insurers:
Links to other Commission-specific forms and checklists required for the preparation of annual returns can be found below:
Own Risk and Solvency Assessments
The Insurance Division has developed a risk-based approach to assessing the solvency of its licensed insurers in line with developing international standards. Whilst the minimum solvency requirements set out in Schedule 2 of the Law
still apply, each licensed insurer is also required to undertake an Own Risk and Solvency Assessment (“ORSA”) at least annually in order to determine its Own Solvency Capital Assessment (“OSCA”). The OSCA is required to be submitted with the annual return although the period covered by the OSCA does not have to mirror the period covered by the annual accounts. Please refer to the Guidance Note on Licensed Insurers’ Own Risk and Solvency Assessment
for further information.
Deposit of Annual Returns with the Commission
In accordance with section 37 of the Law
, all licensed insurers are required to deposit the annual return with the Commission within a period of four months beginning on the close of the financial year to which the accounts relate.
Penalties for Late Filing of Annual Returns