Isle of Man Financial Services Authority has issued an update to the Roadmap for updating the Island’s regulatory framework for insurance business.
On 14 September 2020 the IOMFSA issued a summary roadmap for updating the Insurance framework. In the summary document the IOMFSA explains that ‘the updates to the Insurance Regulations have taken longer than anticipated, reflecting the complexity of updating and revising the existing suite of regulations. The Authority has taken the decision to delay the implementation dates for the non-life risk based capital requirements, the Insurance Regulations (including Class 12 definition and reporting requirements) and the Corporate Governance Code for non-commercial non-life insurers from 31 December 2020 to 30 June 2021.’
The Authority goes on to explain that it has also taken the decision delay the implementation of the updated framework for General Insurance Intermediaries by 2 months as the finalisation of the draft legislation ‘has taken slightly longer than anticipated’.
