IoM Regulator Sets Out Insurance Regulation Priorities
by Amanda Banks, Lowtax.net, London
02 February, 2018
The Isle of Man Financial Services Authority, which supervises the island's financial services industry, last week set out its regulatory priorities for the insurance sector over the coming year in its "January 2018 Roadmap."
The Roadmap, first issued in June 2013, is intended to provide regulated insurance entities and other relevant stakeholders with an update on the Authority's work over the past six months, and to set out regulatory changes the Authority intends to implement.
Looking ahead, the Authority's plans include new codes of conduct for both life and non-life insurers, and enhanced standards in respect of capital adequacy, solvency, and governance. The Authority intends to implement any changes by January 1, 2019.
The Authority has reassured insurers that any changes to the Isle of Man's insurance regulatory framework will accord with relevant international standards and be implemented in a way that is appropriate and proportionate to this diverse sector.
A copy of the Roadmap can be found on the Authority's website.
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