Insurance Regulations 2018

Closed 16 Feb 2018

Opened 12 Dec 2017

Contact

Paul Ellison

(ICP Project Lead)

ICP Project, Insurance, Pensions and Fiduciaries Division

+44 1624 646009

paul.ellison@iomfsa.im

Feedback updated 15 Oct 2019

We asked

We asked for views on the proposed changes to the Insurance Regulations 2018, required to enable the introduction of new risk based solvency requirements and reporting to the Authority.

You said

We received supportive comments from a number of parties and the Authority published its responses in a paper issued on 29 June 2018.

We did

The Insurance Regulations 2018 were implemented on 30 June 2018.

Results updated 29 Jun 2018

This document relates to the consultation on Insurance Regulations 2018 which took place between 12 December 2017 and 16 February 2018, and details the comments received and the Authority’s responses to those comments.

Files:

Overview

Consultation paper CP17-14/T15 concerns new Insurance Regulations which will apply to all authorised insurers and permit holders. The Insurance Regulations 2018 will replace the Insurance Regulations 1986 and the Insurance (Supplementary Information) Regulations 2016.

The main purpose of the new regulations is to set out new and updated regulatory reporting requirements for all insurers authorised to carry on long-term insurance business in or from the Island, and regulatory reporting forms comprising the Regulatory Electronic Returns are therefore also attached to the consultation paper.

In addition, a number of incidental changes have been made where necessary to reflect developments since the Insurance Regulations 1986 were made.

Why your views matter

To obtain the views of stakeholders on the new and updated regulatory reporting requirements for long-term insurance business as well as to obtain comments on any other aspect of the proposed regulations. 

Areas

  • All Areas

Audiences

  • Self-employed
  • Business owner
  • Other non-resident - business interests

Interests

  • Finance
  • Business
  • Economy