5th Quantitative Impact Study for Non-Life Insurers

Closed 31 Oct 2018

Opened 13 Jul 2018

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 we are consulting

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.

Areas

  • All Areas

Audiences

  • Anyone from any background

Interests

  • Policies, strategies & plans
  • Finance