Minimum Capital Requirements for Non Long-Term Business PCCs and ICCs

Closed 22 May 2020

Opened 3 Apr 2020

Feedback Updated 30 Jun 2020

We Asked

For views on the Authority’s revised proposals for the minimum capital requirement for PCCs and ICCs under the draft Insurance (Non Long-Term Business Valuation and Solvency) Regulations 2020.

You Said

Respondents found our proposed approach acceptable.

We Did

We finalised the Insurance (Non Long-Term Business Valuation and Solvency) Regulations 2020 ahead of the launch of the new capital and solvency regime in December 2020.

Results Updated 30 Jun 2020

Files:

Overview

The consultation is to obtain views in relation to proposed minimum capital requirements for PCCs and ICCs under the new valuation and solvency regime for non long-term business.

Why We Are Consulting

We are consulting to obtain stakeholders’ views on the Authority’s proposals and to move nearer to implementation of an enhanced regulatory framework for insurance business.

What Happens Next

When the consultation period has closed, 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 (Non Long-Term Business Valuation and Solvency) Regulations for implementation on 31 December 2020.

Areas

  • All Areas

Audiences

  • All residents

Interests

  • Policies, strategies & plans
  • Finance
  • Business