The IoM's Insurance and Pensions Authority has issued the Insurance (Solvency) (Amendment) Regulations, which were laid before the island's legislative assembly on December 13, 2011.
The Insurance (Solvency) (Amendment) Regulations 2011 amend the Insurance Regulations 1986, the Insurance (Protected Cell Companies) Regulations 2004 and the Insurance (Limited Partnerships) Regulations 2004.
The new regulations provide for the treatment of contingent debt assets for the purposes of calculating the minimum margin of solvency of an insurer. In addition, they extend the period of admissibility of certain debt assets for the purposes of calculating the minimum margin of solvency of an insurer.
The amendments are to come into force from December 31, 2011.
A comprehensive report in our Intelligence Report series which studies the 20 main offshore jurisdictions which offer captive insurance regimes is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report11.aspTags: law | offshore | insurance | legislation | international financial centres (IFC) | Isle of Man | regulation | legislation amendments | Isle of Man
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