Regulatory Alerts2024-06-26
Guidance Notes on Approved Supervisor and Similar Acceptances
The Isle of Man Financial Services Authority issued this document to clarify the definition of Approved Supervisors and outline the criteria for approving foreign supervisory authorities. It details the specific regulatory standards, including IAIS compliance and risk-based capital calibration, required for future approvals and acceptances under the Insurance Act 2008. The guidance further establishes the requirements for permit holders and qualifying ceding insurers to demonstrate equivalence with local solvency and reporting obligations.
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