CP19-10/T11 - Corporate Governance Code of Practice for Insurers

Closes 14 Feb 2020

Opened 23 Dec 2019

Overview

The purpose of the consultation is to obtain views and evidence in relation to proposed changes to the current Corporate Governance Code of Practice for Commercial Insurers (which came into operation on 1 January 2019), including extending the proposed amended code on a proportionate basis to all Isle of Man authorised insurers.

Why We Are Consulting

In 2019 the Authority brought forward some significant updates to its corporate governance guidance for insurers. However, those changes were applied only to commercial insurers whilst consideration was given to any changes to the guidance needed to allow for proportionate application when subsequently extended to apply to lower risk insurers. The main purpose of this paper is to provide for those changes and extend the guidance (the CGC) to lower risk insurers.

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