Updated capital and solvency framework
The Isle of Man Financial Services Authority has announced a change to the implementation date for the updated capital and solvency framework for non-life insurance business.
The development is published in the FSA’s Roadmap for updating the Isle of Man’s regulatory framework for the insurance industry.
It states that an updated risk based capital and solvency framework for non-life insurance business will be introduced on 30 June 2019.
The proposals represent a significant change in approach to solvency requirements for non-life insurers and the FSA recognises that further engagement is needed to determine the final approach in some areas of the proposed updated capital and solvency framework.
The FSA says it recognises that industry will need appropriate time to prepare for the implementation of the new framework.
The proposed implementation date for the updated capital and solvency framework for non-life insurance business will be deferred by 12 months from 30 June 2019 to 30 June 2020.