Auditor Confirmations in Applications for Insurance Authorisation by Protected Cell Companies and Limited Partnerships

Closed 3 Jan 2020

Opened 15 Nov 2019

Feedback Updated 5 Feb 2020

We Asked

For views and evidence in relation to our proposal to remove the requirement for auditor confirmations in the insurance authorisation application process in respect of Protected Cell Companies (“PCCs”) and Limited Partnerships (“LPs”).  The removal of the requirement for auditor confirmation would bring the approach PCCs and LPs in line with that of conventional insurance companies.

You Said

Respondents welcomed and indicated support for our proposals

We Did

We drafted the Insurance (Protected Cell Companies and Limited Partnerships) Amendment Regulations 2020, which will be progressed to bring the changes proposed into effect.

Results Updated 5 Feb 2020

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Overview

There is currently a disparity in regulation between the insurance authorisation application processes of conventional companies as compared to Protected Cell Companies (PCCs) and Limited Partnerships (LPs). The disparity being that as a result of previous updates to legislation conventional company applicants do not need to obtain certain auditor confirmations in respect of their application business plan, whilst in the absence of similar updates PCCs and LP applicants do need to obtain auditor confirmations.

The Authority considers it appropriate to address this anomaly in treatment in respect of PCCs and LPs.

Why We Are Consulting

The purpose of the consultation is to obtain views and evidence in relation to the removal of auditor confirmations in the insurance authorisation application process in respect of PCCs and LPs.

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