Release of ISPV framework
The Insurance and Pensions Authority has today brought into effect its regulatory framework for Insurance Special Purpose Vehicles (“ISPVs”), which has been developed in close consultation with industry and the Isle of Man’s Department of Economic Development.
ISPVs represent a new specialist class of (re)insurer for the Island which is designed to facilitate Insurance Linked Securities and other collateralised (re)insurance transactions between sophisticated parties.
Further details, including downloadable documents and forms etc., may be found on our website.
[The ISPV regulatory framework was consulted upon between 8 May 2014 and 19 June 2014 and has been refined further following that consultation. A summary of the consultation responses received with our further comments, including a summary of changes made post consultation, may also be found on our website.]