Roadmap for updating the Isle of Man’s regulatory framework for insurance business (“the Roadmap”) - Implementation date for the updated capital and solvency framework for non-life insurance business

The Isle of Man Financial Services Authority (“the Authority”) is today announcing a change to the implementation date for the updated capital and solvency framework for non-life insurance business, published in its Roadmap for updating the Isle of Man's regulatory framework for insurance business (“the Roadmap”).

The Roadmap currently states that an updated risk based capital and solvency framework for non-life insurance business will be introduced on 30 June 2019.  These proposals represent a very significant change in approach to solvency requirements for non-life insurers and the Authority recognises that further engagement is needed to determine the final approach in some areas of the proposed updated capital and solvency framework.  The Authority also recognises that industry will need appropriate time to prepare for the implementation of the new framework.

Accordingly, the Authority’s proposed implementation date for the updated capital and solvency framework for non-life insurance business will be deferred by 12 months from 30 June 2019 to 30 June 2020.