All Class C, D and E insurers — other than those carrying on domestic business — are now required to prepare and file an asset and liability statement as part of the applicable year-end filing period, according to a new regularly update from Conyers.

The law firm said the relevant statement should be signed by the insurer’s chief executive officer and a senior executive responsible for the actuarial, investment management, risk management, internal audit or compliance function.

This rule was included in the Insurance (Prudential Standards) (Class C, D and E Solvency Requirement) Amendment Rules 2025 which became operative on January 1, amending the Insurance (Prudential Standards) (Class C, Class D and Class E Solvency Requirement) Rules 2011.

Copies of such statements must be kept at each insurer’s principal office for a period of at least five years beginning with its filing date.

Conyers said: “We are only a few weeks into the start of 2026 and already there are new and important updates relevant to certain stakeholders operating in Bermuda’s insurance and reinsurance industry.”

The Insurance Amendment (No. 2) Act 2025 came into effect on January 7.

It updated the Insurance Act 1978 in a number of ways which primarily impacts entities that form part of a Bermuda-based insurance group and or have a Bermuda based insurance group holding entity.