IoM Delays Capital Adequacy Changes For Non-Insurance Businesses
by Jason Gorringe, Lowtax.net, London
07 March, 2018
The Isle of Man Financial Services Authority is delaying the implementation date of its updated capital and solvency framework for non-life insurance business by a year.
The framework was published in a January 2018 roadmap, which set out the Authority's regulatory priorities for the insurance sector over the coming year.
The roadmap gave a start date for the updated framework of June 30, 2019. However, the Authority now says the proposed changes are very significant, and that further engagement with industry is needed to determine the framework's final approach. It added that industry will need time to prepare for implementation of the new framework.
Accordingly, the proposed implementation date of June 30, 2019, will be deferred by 12 months to June 30, 2020.
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