Consultation Response in respect of the draft Insurance (Group Supervision) Regulations 2019 and the draft Corporate Governance Code of Practice for Designated Insurers (“the Regulations”)

The Isle of Man Financial Services Authority (“the Authority”) has today issued CR19-04/T13, its response to the comments received on consultation CP18-07/T13, in respect of the draft Insurance (Group Supervision) Regulations 2019 and the draft Corporate Governance Code of Practice for Designated Insurers (“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. They initially apply to life insurers only and not to non-life and composite insurers.

The Regulations will come into force on 1 July 2019.