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.
Respondents found our proposed approach acceptable.
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.
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.
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.
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.
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