Consultation on Insurance (Group Supervision) Regulations 2019 and Corporate Governance Code of Practice for Designated Insurers
The Isle of Man Financial Services Authority (“the Authority”) has today issued the draft Insurance (Group Supervision) Regulations 2019 and the draft Corporate Governance Code of Practice for Designated Insurers for consultation (“the Regulations”).
The Regulations form part of the Authority’s regulatory development work outlined in the “Roadmap for updating the Isle of Man’s regulatory framework for insurance business” through which the Authority proposes to introduce requirements for insurance groups for which it anticipates acting as Group Supervisor. The Regulations currently apply to life insurers only and not to non-life and composite insurers.
Responses to the consultation are requested by 31 January 2019.
For further information, please refer to the Authority’s legislation webpages.