Insurance group supervision – discussion paper and request for information
The Isle of Man Financial Services Authority (“Authority”) has today issued a discussion paper which sets out its proposed framework for the supervision of insurance groups and the considerations of this for authorised insurers, taking into account developing international standards, including the IAIS Insurance Core Principles. The paper also includes a request for information to be considered in the context of the matters set out in the discussion paper.
All authorised insurers are asked to consider the matters raised in the discussion paper and to respond to the request for information although this is likely to be of most relevance to the boards and senior management of existing and prospective insurance companies that belong to insurance groups which are based on the Island or where the most significant insurance operation of the group is on Island.
The Authority invites comments on the discussion paper and responses to the information request by 10th June 2016.
Further information and a copy of the paper can be found in the consultation pages of the Authority’s website.