Isle of Man Government Crest

Isle of Man Public Services

current Consultations

Click on the title of a consultation to view further information.

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TopicAgencyTitleConsultation Period
CP14-04 - Valuation and capital adequacy for long term insurance consultation paper I.P.ACP14-04 Valuation and capital adequacy for long term insurance consultation paper

This paper sets out the IPA’s current thinking in respect of the assessment of the capital adequacy of an insurer undertaking long term insurance business, including the valuation of the assets and liabilities for solvency purposes. It is accompanied by the publication of the IPA’s Technical Specification detailing possible approaches to the valuation of long term insurance assets and liabilities and the assessment of capital adequacy of long term insurers using a “standard formula” approach.

31 July 2014 - 12 September 2014
TS14-04 Proposed Technical Specification for QIS1 for long term insurersI.P.ATS14-04 Proposed Technical Specification for QIS1 for long term insurers

This proposed technical specification accompanies the consultation paper on valuation and capital adequacy for long term insurance. It details possible approaches to the valuation of long term insurance assets and liabilities and the assessment of capital adequacy of long term insurers using a “standard formula” approach.

The technical specification will form the basis of the IPA’s first Quantitative Impact Study (“QIS1”). QIS1 will be launched in September 2014 and will require all life insurers to produce, on a best efforts basis, balance sheets and capital requirements using an approach reflecting the IPA’s initial proposals for the framework for valuation and capital adequacy for the new regulatory regime.

31 July 2014 - 12 September 2014
Consultation on Proposed Changes to the Scope of the Financial Services Ombudsman SchemeO.F.TConsultation on Proposed Changes to the Scope of the Financial Services Ombudsman Scheme

The Financial Services Ombudsman Scheme is an important provision which offers consumer protection to customers of Isle of Man financial institutions. The OFT is proposing to use its powers under the enabling legislation to extend the scope of the Scheme in regard to Self Invested Personal Pension Schemes or SIPPs and Insurance Intermediaries.

30 July 2014 - 10 September 2014
DP14-05 Conduct of Business Discussion PaperI.P.ADP14-05 Conduct of Business Discussion Paper

This paper sets out the IPA’s initial views on developing the Island’s existing regulatory framework in matters of conduct of business, taking into account developing international standards, including the IAIS ICPs.

29 July 2014 - 5 September 2014
Insurance Supplementary Fee Consultation PaperI.P.ACP14-03 Insurance Supplementary Fee Consultation Paper

The Insurance and Pensions Authority issues for consultation the draft Insurance Supplementary Fees Order 2014.
The draft Order prescribes the supplementary fee payable by insurance managers which act as manager for more than two insurers and those insurers which write class 1, 2 or 10 insurance business (‘long term insurers’).
A copy of the draft Order is available for download at the foot of this page together with the consultation document and comments are invited from interested parties on or before 15 August 2014.

4 July 2014 - 15 August 2014
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