Regulatory Alerts2021-01-01
Insurance (Non Long-Term Business Valuation and Solvency) Regulations 2021
The Isle of Man Financial Services Authority issued these Regulations to establish the valuation and solvency framework for non long-term insurance business under the Insurance Act 2008. The rules mandate that insurers determine their Solvency Capital Requirement and Minimum Capital Requirement using standardized methods for technical provisions, assets, and liabilities while applying proportionality principles. Additionally, the regulations define eligible own-funds, specify risk mitigation techniques, and require annual board reports on the appropriateness of valuation assumptions and methodologies.
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