CP19-10/T11 - Corporate Governance Code of Practice for Insurers
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We asked
For views on the proposed Corporate Governance Code of Practice for Insurers.
You said
Subject to some requests for changes, respondents found the Corporate Governance Code of Practice for Insurers was generally acceptable. Respondent’s requests have led to some changes being made, and have contributed to a further exercise in respect of updating class 12 which is currently being carried out with industry.
We did
We are in the process of finalising the Corporate Governance Code of Practice for Insurers for implementation on 31 December 2021. A copy of the updated Code will be made available by 30 June 2021.
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 your views matter
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.
What happens next
We will review results from the consultation which will be used to inform the final version of the legislation for implementation. We will liaise further with respondents as necessary.
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- All Areas
Audiences
- All residents
Interests
- Legislation
- Policies, strategies & plans
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