Consultative Document - Insurance (Amendment) (Solvency) Regulations 2007

The Insurance and Pensions Authority has released a consultative draft of the Insurance (Amendment) (Solvency) Regulations 2007 and invites comments from interested parties. A consultative document on the matter, which includes a copy of the draft regulations and corresponding guidance notes, is available for download from the Authority’s website here.

The purpose of the regulations is to include new provisions where, in certain circumstances and with the approval of the Supervisor, loans to associates of an insurer may be treated as fully admissible assets in respect of solvency, and also to allow for some financial liabilities of an insurer to be treated as equivalent to capital in respect of solvency.

The IPA invites comments on the draft Regulations by 30th September 2007. Contact details for responses or queries are included within the consultative document.