Insurance (Long-Term Business Valuation and Solvency) Regulations 2018

Closed 16 Feb 2018

Opened 12 Dec 2017

Contact

Sian Eltman

(Actuary)

ICP Project, Insurance, Pensions and Fiduciaries Division

+44 1624 689379

sian.eltman@iomfsa.im

Feedback updated 15 Oct 2019

We asked

We asked for views on the proposed Insurance (Long-Term Business Valuation and Solvency) Regulations 2018 that were drafted on the basis of feedback received from earlier Quantitative Impact Studies.

You said

We received comments from 11 life insurers indicating general support and preparedness for the proposals.  We published responses in a paper issued on 29 June 2018.

We did

Following the results of the consultation, and a review from the Attorney General’s office, several amendments were made to the Regulations. The majority of these were minor, formatting and language changes.

Two more material changes were made in response to feedback, relating to the Standard Formula:

  • Treatment of Isle of Man Banks with no credit rating for counterparty default risk; and
  • A number of simplifications allowable within the standard formula calculation.

The Insurance (Long-Term Valuation and Solvency) Regulations 2018 were implemented on 30 June 2018.

Results updated 29 Jun 2018

This document relates to the consultation on the Insurance (Long Term Business Valuation and Solvency) 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 CP17-15/T12 sets out new valuation and solvency regulations for insurers authorised to carry on long-term insurance business. The Insurance (Long-Term Business Valuation and Solvency) Regulations 2018 will replace the Insurance (Valuation of Long Term Liabilities) Regulations 2007. 

Why your views matter

To obtain the views of insurers authorised to carry on long-term insurance business (as well as any other stakeholders) on the new valuation and solvency regulations. 

Areas

  • All Areas

Audiences

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

Interests

  • Finance
  • Business
  • Economy