5th Quantitative Impact Study for Non-Life Insurers
Feedback updated 15 Oct 2019
We asked
We asked all non-life insurers to submit their results for the 5th Quantitative Impact Study (“QIS”), updated with feedback from QIS4 and based on the updated “decision tree” for Class 12 business.
You said
You submitted your results that indicated that insurers were overall well prepared for the changes.
We did
The results of this exercise fed into the proposed Insurance (Non Long Term Business Valuation and Solvency) Regulations which were issued for consultation in July 2019.
Overview
The Isle of Man Financial Service Authority (“Authority”) has today issued a consultation paper, CP18-03/T04, which sets out the Authority’s current thinking in respect of the assessment of the capital adequacy of insurers and reinsurers undertaking non-life insurance business, including the valuation of the assets and liabilities for solvency purposes. Together with the accompanying Technical Specifications it sets out the approach which the Authority requires Isle of Man non-life insurers and reinsurers to test in the fifth Quantitative Impact Study (QIS5).
Why your views matter
The responses to this consultation paper and the results of QIS5 will be used to further develop the Authority’s view on the capital adequacy regime for non-life insurers.
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