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IoM Reviews Capital Adequacy Of Non-Life Insurers

by Jason Gorringe, Lowtax.net, London
02 August, 2017

The Isle of Man's financial services regulator, the Isle of Man Financial Services Authority, has published a consultation paper on rules surrounding the capital adequacy of insurers and reinsurers undertaking non-life insurance business.

The paper sets out the approach the Authority requires the island's non-life insurers and reinsurers to take when valuing assets and liabilities for solvency purposes.

It also sets out the technical specifications for the Authority's recently launched fourth Quantitative Impact Study (QIS4) under which all Isle of Man non-life insurers are required to calculate their technical provisions, capital requirements, and capital resources as at December 31, 2016.

The Authority says it will use the responses to its consultation paper, and the results of QIS4, to further develop its thinking on the island's capital adequacy regime. Further consultations and QIS exercises will be run as the Authority makes more concrete proposals.

Interested parties have until October 31, 2017, to comment.

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