Feedback sought on proposed Insurance Regulations 2024 and Insurance (Fees and Solvency) (Amendment) Regulations 2024

The Authority is seeking feedback in response to two public consultations:

 

  • CP24-03 concerns the update and integration of the Insurance Regulations 2021 with the Insurance (Special Purpose Vehicles) Regulations 2015 and Guidance Notes for Insurance Special Purpose Vehicles. The proposals also include provisions in respect of fast-track insurance authorisations, insurance regulatory sandboxing and potential restrictions on activities undertaken alongside regulated insurance activities.

 

  • CP24-04 concerns amendments to the Insurance (Long-Term Business Valuation and Solvency) Regulations 2021, the Insurance (Non Long-Term Business Valuation and Solvency) Regulations 2021 and the Insurance (Fees) Regulations 2023. The valuation and solvency regulations proposals take account of recent changes made in relevant international standards. The fees regulations proposals include changes to fees in respect of class 13 insurers and clarity on the fees charged for composite insurers and sanctioning a scheme for the transfer of long-term business.

 

The consultations can be accessed here:

 

The closing date for submissions for both consultations is 17 May 2024.