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  "notes": "Includes detailed footnotes explaining minimum liquidity requirements and statutory financial return obligations.",
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      "text": "* Minimum liquidity requirement A captive must meet a minimum liquidity ratio requirement to maintain the value of its ‘relevant assets’ at no less than 75% of the amount of its ‘relevant liabilities.’ Unquoted equities, investments in and advances to affiliates, real estate and collateral loans are not ‘relevant’ for calculation of the liquidity ratio. Statutory financial return Every captive must file an annual statutory financial return with the BMA. The statutory financial return comprises the risk return, a statutory declaration of compliance and where necessary, an actuarial certificate for the loss reserves. All class 2 companies must provide an actuarial certificate for the loss reserves every three years, while every long-term captive insurer and class 3 must provide this certificate annually. The risk return is a self-assessment that firms conduct on an annual basis, appropriately modified given the limited-purpose and lower-risk profile of captives. This ensures firms remain appropriately classified and supervised within the BMA's risk-based framework. The risk return includes the audited statutory financial statements; supplemental unaudited financial data including investment, underwriting, reserving and collateral; a qualitative assessment, and a confirmation of compliance with other aspects of the license, including changes to controllers and the ability to continue to operate at current capital levels. The information filed under the risk return will not be publicly available. Captives are required to file statutory financial returns using the electronic statutory financial return (E-SFR) system.",
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      "text": "Captive Classes Requirement General (1, 2 & 3) Long-term (A & B) Minimum Solvency Margin Greater of: 1.Flat amount depending on class 2. % of net premium written depending on class 3. % of loss reserves depending on class Greater of: 1.Flat amount depending on class 2. % of assets depending on class BSCR Model for Enhanced Capital Requirement (“ECR”) N/A N/A Economic Balance Sheet (“EBS”) N/A N/A Minimum Liquidity Requirement * YES N/A Statutory Financial Return * YES – to be filed 6 months after year end YES – to be filed 6 months after year end GAAP financial Statements Can be waived Can be waived Quarterly Financial Return (unaudited) N/A N/A",
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      "text": "Appendix 2: Bermuda Summary of captive requirements",
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