Regulatory Alerts2019-01-01
Insurance (Group Supervision) Regulations 2019
The Isle of Man Financial Services Authority issued these regulations to establish a comprehensive supervisory framework for insurance groups under the Insurance Act 2008. The rules mandate that designated insurers maintain sufficient eligible group own funds to cover the group Solvency Capital Requirement, enforce strict corporate governance and fair treatment of policyholders, and implement robust solvency monitoring and reporting procedures. Additionally, the regulations define specific methodologies for calculating group solvency positions and outline the Authority's powers to impose capital add-ons or approve alternative calculation methods.
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