Corporate Governance Code of Practice for Insurers

Closed 17 Nov 2017

Opened 30 Aug 2017

Feedback Updated 15 Oct 2019

We Asked

We asked for views on proposed amendments to governance requirements for insurers, including proposed enhanced requirements for:

  • Actuarial function; and
  • Enterprise Risk Management and Own Risk Solvency Assessment

You Said

Detailed comments were received from a number of parties which were responded to in a paper issued on 28 June 2018.

Feedback to the paper indicated some concerns as to the proportionality of the updated requirements for non-commercial (captive) insurers.

We Did

Taking account of feedback the Authority drafted the new proposals to have effect initially to commercial insurers only. The Corporate Governance Code of Practice for Commercial Insurers was implemented on 1 January 2019.

Further engagement with the captive sector is ongoing.

Results Updated 28 Jun 2018

This document relates to the consultation on the Corporate Governance Code of Practice for Insurers which took place between 30 August 2017 and 17 November 2017, and details the comments received and the Authority’s responses to those comments.

Files:

Overview

The Isle of Man Financial Services Authority has today issued a consultation paper CP17-10/T11 in respect of the corporate governance of insurance companies. The paper sets out the Authority’s proposals to update its existing Corporate Governance Code of Practice for Regulated Insurance Entities (“CGC”) which was issued in 2010. The proposed updates are applicable to all insurers and the Authority welcomes feedback from interested parties. 

Why We Are Consulting

To obtain information and views in respect of the Authority’s corporate governance proposals.

Areas

  • All Areas

Audiences

  • Elected members - MHKs
  • Elected members - local government
  • Tenants
  • Landlords
  • Employees
  • Older people
  • Homeowners
  • Self-employed
  • Students
  • Retired
  • Children & young people
  • Volunteers
  • Unemployed
  • Parents, carers and & guardians
  • People with disabilities or long term illness
  • Leaseholders/ landowners
  • Lesbian, gay, transgender & bisexual
  • Civil and public servants
  • Black & minority ethnic
  • Business owner
  • Road users
  • Visitors & tourists
  • Other non-resident - business interests

Interests

  • Legislation
  • Policies, strategies & plans
  • Finance