CIB 2.3.7 Submission of Returns to the Regulator

(1) A Captive Insurer must submit its annual Regulatory Return in writing to the Regulator within four months of the Captive Insurer's reporting date.
(2) A Captive Insurer must prepare and submit its annual Regulatory Return in the following manner:
(a) the annual Regulatory Return must be submitted to EPRS:
(i) in accordance with any instructions set out in the notice and any instructions provided through such a system or specified in this Chapter; and
(ii) within four months of the Captive Insurer's reporting date;
(b) the Statement by Directors need not be submitted to the Regulator, but must be signed and a copy maintained in accordance with Rules 2.3.7(3) and 2.3.7(4); and
(c) the Global Return for a Branch must be submitted in the manner provided in Rule 2.3.7(1).
(3) The Statement by Directors forming part of the annual Regulatory Return must be signed before the time of submission by:
(a) the Senior Executive Officer; and
(b) a Director of the Captive Insurer not being the Senior Executive Officer.
(4) An original signed hard copy of the Statement by Directors, together with a copy of the annual Regulatory Return submitted to the Regulator using EPRS, must be kept for at least six years for inspection by the Regulator.
(5) The Auditor's report on the annual Regulatory Return and any actuarial report prepared as at the reporting date must be submitted in writing by the Captive Insurer to the Regulator within four months of the Captive Insurer's reporting date.
(6) An Auditor's report or an actuarial report submitted to the Regulator must be signed by the Auditor or the Actuary preparing that report.
(7) Subject to Rule 2.3.7(8), a Captive Insurer must submit its quarterly Regulatory Return in writing to the Regulator within two months of the end of each period in respect of which the Captive Insurer is required to prepare a quarterly Regulatory Return.
(8) When the Regulator has issued a notice announcing that EPRS is in operation, a Captive Insurer must, from the date specified in the notice, prepare and submit its quarterly Regulatory Return in the following manner:
(a) the quarterly Regulatory Return, excepting the parts of the quarterly Regulatory Return referred to in 2.3.7(8)(b) and 2.3.7(8)(c), must be submitted to the Regulator using EPRS:
(i) in accordance with any instructions set out in the notice and any instructions provided through such a system or specified in this Chapter; and
(ii) within two months of the Captive Insurer's reporting date;
(b) the Statement by Directors must be signed and a copy maintained in accordance with Rules 2.3.7(9) and 2.3.7(10); and
(c) the Global Return for a Branch must be submitted in the manner provided in Rule 2.3.7(7).
(9) The Statement by Directors forming part of the quarterly Regulatory Return must be signed before the time of submission by one Director of the Captive Insurer.
(10) An original signed hard copy of the Statement by Directors, together with a copy of the quarterly Regulatory Return submitted to the Regulator using EPRS, must be kept for at least six years for inspection by the Regulator.
(11) If within twenty-four months of the date that an annual Regulatory Return or quarterly Regulatory Return is submitted to the Regulator, the Regulator notifies the Captive Insurer that a Return appears to be inaccurate or incomplete, the Captive Insurer must consider the matter and within one month of the date of notification it must correct any inaccuracies, make good any omissions and re-submit the relevant parts of the Return.
(12) A Captive Insurer must submit, at the same time as every annual Regulatory Return of that insurer or as soon as practicable thereafter, any report on the affairs of the Captive Insurer submitted to the shareholders or policyholders of the Captive Insurer in respect of the reporting period to which the annual Regulatory Return relates.
Amended on (3 February, 2020).