The Manx Insurance Managers' Association has hosted a seminar to prepare the Isle of Man's captive insurance sector for the introduction and impact of new regulatory requirements, including the 'Solvency II' directive.
The MIMA seminar focused on current regulatory trends and developments in the international captive insurance industry. Strategic advice on 'Solvency II', a new set of regulatory requirements for insurance firms operating in the European Union, was provided by Policy Adviser at the United Kingdom Financial Services Authority, Tim Edwards.
The proposed update to the 30 year-old 'Solvency I' will introduce a risk based approach to insurance solvency requirements, based around a 3-level capital requirement and a ladder of supervisory intervention to bring proportionality and incentives for firms to model their own risks.
Also on the agenda was Incorporated Cell Company (ICC) legislation. Chief Executive of the Isle of Man Insurance and Pensions Authority David Vick announced that a consultation paper would be released, and that the Isle of Man would introduce ICC legislation later in 2008.
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