The Bermuda Monetary Authority is moving quickly toward a flexible, risk-based capital model that establishes solvency requirements for many of the island's commercial insurers and reinsurers, as well as for captives writing more than 50 percent in unrelated, third-party business.
Inspired by and based to some degree on the U.S. National Association of Insurance Commissioners risk-based capital model, the United Kingdom's individual capital assessments, as well as the Solvency II requirements proposed for the European Union, the Bermuda Solvency Capital Requirement (or BSCR) is on track to become the new solvency scheme for many (re)insurers doing business on the island.
Prior to the introduction of the BSCR, there were four classes for (re)insurers operating in Bermuda.
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