CP24-04 Update to the Insurance Solvency Framework and Insurance Fees Regulations

Closed 17 May 2024

Opened 3 Apr 2024

Contact

Sian Eltman

(Actuary)

Prudential Supervision

+44 1624 646000

sian.eltman@iomfsa.im

Feedback updated 20 Jun 2024

We asked

The Isle of Man Financial Services Authority invited feedback on proposals to amend certain aspects of the insurance valuation and solvency framework, including amendments to the regulatory capital calculation.

You said

The Authority received 10 responses to the consultation paper. The responses were supportive of the changes being proposed.

We did

The Authority prepared a consultation response document, which provides a summary of the feedback submitted and responds to all questions raised. The Authority will now prepare the final Insurance (Fees and Solvency)(Amendment) Regulations 2024 to be laid before Tynwald.

Results updated 20 Jun 2024

Files:

Overview

Consultation CP24-04 is requesting feedback on the draft Insurance (Fees and Solvency) (Amendment) Regulations 2024 which updates:

  • the Insurance Solvency Framework in line with developments in equivalent international frameworks (including an update to the risk margin calculation) and
     
  • the Insurance (Fees) Regulations 2021 in respect of changes being made to the Island’s Insurance Special Purpose Vehicles framework in consultation paper CP24-03

Why your views matter

The purpose of the consultation is to obtain views in relation to the Authority’s proposed amendments.

What happens next

Once the consultation has closed the Authority will consider the responses and, if appropriate, will progress to finalise and make the Insurance (Fees and Solvency Amendment) Regulations 2024.

Areas

  • All Areas

Audiences

  • Selected stakeholders

Interests

  • Legislation
  • Policies, strategies & plans