an insurer under the Insurance Act. Our ermuda-licensed entities registered under the Insurance Act include: X Class 4 general business insurers: Renaissance Reinsurance and Da0inci X Class 3 general business insurers: RenaissanceRe Specialty /.S., 0ermeer and RRAG, ermuda ranch X Class 3A general business insurer: Top Layer Re X Class 3 general business insurer: Shima Reinsurance Ltd. X Collateralized insurer: /psilon RFO X SPIs: Mona Lisa Re Ltd. and Fibonacci Reinsurance Ltd. X Insurance managers: R/M and RenaissanceRe /nderwriting Management Ltd. From time to time, RenaissanceRe’s ermuda-licensed operating insurance subsidiaries, branches, joint ventures and managed funds may apply for, and be granted, certain modifications to, or exemptions from, regulatory requirements which may otherwise apply to them. For example, RRAG, ermuda ranch has applied for and been granted certain modifications. The uropean Parliament recognizes ermuda’s regulatory regime as achieving Solvency II equivalence for its commercial (re)insurers. quivalence between ermuda’s regulatory regime and the /.%.’s prudential regime was maintained following the expiry of the /.%.’s transition period for leaving the / on January 1, 2021. General Purpose Financial Statements. Class 3, Class 3A, Class 3 and Class 4 general business insurers are generally required to prepare annual financial statements in accordance with GAAP, IFRS or other acceptable accounting standards. Audited annual financial statements for each of Renaissance Reinsurance, RenaissanceRe Specialty /.S., Da0inci, Top Layer Re, 0ermeer and RRAG, ermuda ranch must be filed with the MA prior to April 30 of each year and are available free of charge on the MA’s website. Statutory Financial Statements. Class 3, Class 3A, Class 3 and Class 4 general business insurers are generally required to submit annual statutory financial statements to the MA no later than four months after the financial year end (unless specifically extended). The statutory financial statements are prepared based on the GAAP, IFRS, or other acceptable accounting standards financial statements, subject to the application of certain prescribed prudential filters, and contain both consolidated and unconsolidated statements. The unconsolidated information forms the basis for assessing the insurer’s liquidity position, minimum solvency margin and class of registration. Capital and Solvency Return . Class 3A, Class 3 and Class 4 general business insurers are generally required to file an annual capital and solvency return, or “SCR.” The SCR is a mathematical model designed to give the MA robust methods for determining an insurer’s capital adequacy, based on the belief that all insurers should operate on an ongoing basis with a view to maintaining their capital at a prudent level in excess of the minimum solvency margin otherwise prescribed under the Insurance Act. 2021 SCRs must be filed with the MA before April 30, 2022 at this time, we believe each company that is required to file will exceed the minimum amount required to be maintained under ermuda law. Financial Condition Report . Class 3A, Class 3 and Class 4 insurers and insurance groups are generally required to prepare and publish an FCR. With the MA’s approval, we file a consolidated group FCR, inclusive of Da0inci, Renaissance Reinsurance, RenaissanceRe Specialty /.S., Top Layer Re and 0ermeer, and an FCR for RRAG, in lieu of a standalone FCR for RRAG, ermuda ranch. Our most recent FCRs were filed with the MA prior to the required deadline, and are available on our website. Minimum Solvency Margin. Where applicable, a general business insurer’s statutory assets must exceed its statutory liabilities by an amount equal to or greater than the prescribed minimum solvency margin. The minimum solvency for various registration categories is as follows: X Class 4 insurer: the greater of (i) 100.0 million, (ii) 50% of net premiums written (with a credit for reinsurance ceded not exceeding 25% of gross premiums), (iii) 15% of net aggregate loss and loss expense provisions and other insurance reserves, or (iv) 25% of the CR. 20