Corporate Governance Code of Practice for Commercial Insurers (“CGC”)
The Isle of Man Financial Services Authority (“the Authority”) has today issued the Corporate Governance Code of Practice for commercial insurers (“Code”).
The Code forms 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 more detailed corporate governance requirements to complement the Island’s existing regulatory framework, in order that it remains up to date, appropriate to the characteristics of the Island’s insurance sector, and consistent with international market developments and standards.
The Code applies to all long term insurers as well as to any non long term insurers carrying on insurance business the majority of which falls within classes 3 to 9. For all other non long term insurers the Corporate Governance Code of Practice for Regulated Insurance Entities continues to apply.
For further information, please refer to the Authority’s legislation webpages.