CP20-04-T17 Insurance Regulations 2021

Closed 22 Dec 2020

Opened 10 Nov 2020

Feedback updated 25 May 2021

We asked

For views on the proposed Insurance Regulations 2021.

You said

Subject to some requests for changes, respondents found the Insurance Regulations 2021 were 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 Insurance Regulations 2021 for implementation on 31 December 2021. A copy of the updated regulations will be made available by 30 June 2021.

Results updated 25 May 2021

Files:

Overview

The consultation is to obtain views in relation to proposed changes to the Insurance Regulations 2018. Notably, the changes include updated requirements for non-long term insurers in respect of regulatory reporting and a revised definition of class 12 insurance business. For all insurers the proposals update and consolidate the requirements for conventional companies, protected cell companies, limited partnerships and incorporated cell companies, which are currently set out in various different regulations. And for insurers and insurance managers the proposals introduce notification requirements in relation to fitness and propriety, and changes in controlling interests.

Why we are consulting

We are consulting to obtain stakeholders’ views on the proposed Insurance Regulations 2021 as we move nearer to implementation of an enhanced regulatory framework for non-long term insurance business.

What happens next

The Authority will review the responses received and publish a Consultation Response document.

Subject to the responses, the Authority will proceed to make the Insurance Regulations 2021 for implementation on 30 June 2021.

Areas

  • All Areas

Audiences

  • All residents

Interests

  • Policies, strategies & plans
  • Finance
  • Business