CONSULTATION PAPER. Insurance (Fees) Regulations 2013 Registered Schemes Administrators (Fees) Order 2013

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "CONSULTATION PAPER. Insurance (Fees) Regulations 2013 Registered Schemes Administrators (Fees) Order 2013"

Transcription

1 CONSULTATION PAPER Insurance (Fees) Regulations 2013 Registered Schemes Administrators (Fees) Order 2013 This document is relevant to all entities regulated by the Insurance and Pensions Authority under the Insurance Act 2008 and the Retirement Benefits Schemes Act Issue date: 7 December 2012 Closing Date: 21 January Fee Consultation Page 1 of 17

2 Table of Contents 1 Introduction Background Current financial and statistical information Cost benefit analysis Developing the framework in a manner consistent with the ICPs Alternative strategy maintain existing framework without further development Proposal Overview Life insurers General insurers Insurance managers Insurance intermediaries Permit holders Pension scheme administrators Impact One-off levy in 2014/ Comments and Timing Contact Appendix I Proposed annual fees Appendix II - Proposed application fees for authorisation / registration Appendix III Jursidiction comparison in respect of life assurance Fee Consultation Page 2 of 17

3 1 Introduction The Insurance and Pensions Authority has drafted the Insurance (Fees) Regulations 2013 and the Registered Schemes Administrators (Fees) Order A copy of the draft Regulations and Order are attached as appendices to this document and comments are invited from interested parties. The purpose of the attached proposals is to prescribe, with effect from April 2013 onwards, the annual fees charged to entities regulated by the Insurance and Pensions Authority under the Insurance Act 2008 and the Retirement Benefits Schemes Act The proposed fee increases reflect the need to continue to develop the Island s regulatory framework in order for it to meet the international standards to which it is committed. In addition, this paper sets out, for early consideration by interested parties, the Authority s proposal to apply a one-off levy on 1 April 2014 and invites comments from interested parties as to how this levy should be applied. 2 Background The insurance regulatory framework of the Isle of Man is set out in the Insurance Act In line with Government s stated policy, that the Island s regulatory frameworks for financial services continue to be able to demonstrate a high degree of compliance with applicable international standards, the form and application of this Act and its associated regulations and guidance are assessed by the International Monetary Fund (IMF) under the Financial Sector Assessment Programme, through a rolling cycle of assessment. The continued endorsement by the International Monetary Fund (IMF) of the Island s framework for insurance supervision is important, not only to the Island s reputation as a responsible international jurisdiction but also for both the insurance and pensions sectors to be able to maintain market share and position themselves for continued and sustained growth in the future. The Insurance Core Principles (ICPs) issued by the International Association of Insurance Supervisors (IAIS) are the international standards against which the insurance framework of the Island will be assessed by the IMF as part of its ongoing Financial Sector Assessment Programme. In October 2011, the IAIS adopted updated ICPs and these revised standards represent a significant enhancement of the previous framework. Under the new ICPs insurance regulatory standards will be expected to move fully to a framework which has more sophisticated risk based capital and solvency requirements and which will evidence the IAIS objectives of transparency and comparability. In the light of this, during the past year the Authority has undertaken a comprehensive gap analysis of its framework against the revised ICPs and is in the process of producing a detailed roadmap which will set out the development and work schedule planned over the next three to five years to enhance the Authority s framework in line with these new standards of regulatory best practice. In June 2012, as part of the Isle of Man Government s budgetary planning process, the Authority submitted budget proposals to Treasury. This budget included the anticipated cost of: 2013 Fee Consultation Page 3 of 17

4 a) implementing the changes necessary to ensure continued compliance against the revised international standards for effective insurance supervision; b) implementing the changes necessary to ensure continued compliance against the revised international standards for AML/CFT; c) the review and development of the existing pensions legislative framework; d) the development and implementation of a supervisory support and management information system. To achieve the above, the Authority anticipates that its expenditure base will increase by a cumulative total of 1.9m over the next three to four years. This consultation paper sets out the current financial position of the Authority, the rationale for the decision to undertake this development programme, the basis on which the Authority will seek to fund this additional cost, together with an understanding of the projected income and expenditure of the Authority on completion of the planned developments. 3 Current financial and statistical information The income and expenditure account for the Authority for the year ended 31 March 2012 is set out below: 2011/12 Actual 000 Fee Income Authorised insurers life 280 Authorised insurers non life 596 Insurance managers 55 Insurance permit holders 31 General insurance intermediaries 36 Pension scheme administrators 69 1,066 Operating costs 1,284 Contribution from general revenue (218) The above financial position shows that the expenditure base of the Authority for 2011/12 was financed from contributions from the following stakeholders: Contribution from: General insurers 46.4% Life insurers 21.8% Government general revenue contribution 17.0% Pension scheme administrators 5.4% Managers 4.2% Intermediaries 2.8% Permit holders 2.4% 2013 Fee Consultation Page 4 of 17

5 4 Cost benefit analysis The consideration of sophisticated techniques for risk based capital and solvency assessment has been under development for many years now. The European Union has been working towards its new regulatory regime, Solvency II, and the IAIS has been working towards updating its international standards for effective supervision of insurance entities and their groups. These standards were issued in October The Authority believes that the challenge facing the Island is to develop a revised regulatory framework which addresses current international standards and, at the same time, remains proportionate to the risks inherent in the Island s insurance industry and thereby avoids placing any unnecessary regulatory burdens on licenceholders. This is a demanding and complex task, with sometimes competing demands, which will require extensive interaction between the Authority and the market to devise and implement what is anticipated to be the most significant update of the Island s dedicated insurance framework since the introduction of the Insurance Act in Whilst this challenge exists, it is important to note that the need for this development is essential, and the Authority believes that the benefits outweigh the associated cost of development. These are considered further below. 4.1 Developing the framework in a manner consistent with the ICPs As detailed above, the continued assessment by the IMF of a high degree of compliance against the ICPs is imperative to the survival and future growth of the Island s insurance industry. These revised ICPs introduce significant enhancements to the risk based capital and solvency assessment regimes expected together with the introduction of detailed requirements to assist in the effective supervision of insurance groups and more detailed and extensive disclosures to provide greater transparency to policyholders, investors and beneficiaries of insurance contracts. As detailed in section 1 above, the Authority has undertaken a comprehensive gap analysis of the Island s existing insurance framework against the revised ICPs. Utilising this gap analysis, the Authority has been able to identify and evaluate the work required to deliver a framework that is capable of complying with these enhanced standards but which is applied in a proportionate manner recognising the differing needs of each sector. The Authority is currently working towards the publication of a detailed roadmap in mid 2013, which will set out the rationale for the proposed changes, the main components of the project, the overall approach and anticipated key milestones planned over the next three to four years. This extensive programme of work will not only deliver necessary enhancements to the insurance framework without compromising the Authority s ability to react quickly to new market developments, but will also enable it to develop and implement a new data management and support system to ensure it to work in a coordinated and efficient manner. Thereby delivering real value across all sectors supervised by the Authority by enabling electronic returns, risk and data analysis and statistical reporting for both internal and external use. In addition, the development plans of the Authority incorporate a review of international developments in the pensions industry in conjunction with a detailed consideration of the Retirement 2013 Fee Consultation Page 5 of 17

6 Benefits Schemes Act 2000 to ensure that regulatory changes are implemented where it is appropriate to do so. In order to achieve this work the Authority estimates that its expenditure base will increase by a cumulative total of 1.9m over the next three to four years and proposes to fund this additional expenditure from a combination of increments applied to the annual fees to regulated entities, a oneoff levy to be applied in 2014 together with a proportional increase of contribution being supplied by central government as described in more detail in section 5 below. 4.2 Consideration of maintaining the existing framework without further development In arriving at its decision to develop the framework in a manner consistent with the ICPs, the Authority did consider other options available to it, including the scenario where the Authority maintains the existing framework and does not seek to enhance it in line with the revised ICPs. Whilst this scenario sees negligible investment required by both the Authority and industry as the framework in place is already well established, the risks associated with this strategy are considerable. Further, this alternative strategy is inconsistent with both Government s stated policy and objectives and the Authority s own statutory objectives of policyholder protection, the protection of the Island s reputation, and the reduction to the extent possible of the risk of the Island s insurance and pensions sectors being used for financial crime. Risks: In the absence of further development of the regulatory standards applied, any future IMF report in respect of the regulatory framework in place in the Isle of Man will be likely to conclude that there has been a significant reduction in the level of compliance against international standards in respect of insurance supervision and AML/CFT. The potential for the loss of confidence in the Island as a responsible international jurisdiction will increase with the resultant wider impact on the Island s economy, including the attractiveness of the Island s pension s proposition. Legitimate and profitable business opportunities for Isle of Man insurers may become more difficult as competitors from compliant jurisdictions find it easier to demonstrate the level of consumer protection afforded by the solvency regime adopted. Large international groups with insurance subsidiaries on the Isle of Man may seek to redeploy resources to group entities operating in more compliant jurisdictions, potentially resulting in falling investment, funds under management and employee numbers. Over time it is likely that licenceholder numbers will fall resulting in lower fee income and a consequent increase in the contribution required from Government. 5 Proposal 2013 Fee Consultation Page 6 of 17

7 5.1 Overview The Authority proposes to apply an increase to the annual fees of each regulated entity as detailed in appendix 1. These fee increases are considered in greater detail in the relevant section for each segment of the sector below and are set out in the attached draft Insurance (Fees) Regulations 2013 and draft Registered Schemes Administrators (Fees) Order 2013, which if approved will come into effect on 1 April In addition to the annual fees, the Authority intends to apply a one off levy across the insurance sector on 1 April It is anticipated that this levy will raise an additional 765,000 in 2014/15 and is considered in greater detail in section 5.9 below. It is important to understand that this consultation is concerned with two inter-related but separate proposals: a) The consultation necessary to understand stakeholder views and the potential impact on industry and other stakeholders of the proposed increases to the annual fees applied to regulated entities as set out in appendix 1 and the draft Insurance (Fees) Regulations 2013 and draft Registered Schemes Administrators (Fees) Order 2013, which if approved will come into effect on 1 April b) To obtain the early views and comments of industry and other interested stakeholders of the proposed one off levy to be applied across the insurance industry on 1 April These views and comments will be considered by the Authority and where appropriate taken into consideration when drafting the proposed Insurance (Additional Levy) Regulations These regulations will be the subject of a further consultation in due course. 5.2 Life insurers In developing this proposal the Authority has considered the existing contribution made by each segment of the sector. Section 3 above provided information in respect of how the expenditure base of the Authority in respect of 2011/12 was financed and showed that the contribution from the life sector was 21.8% as compared to the general sector which contributed 46.4%. This split reflects, in part, the differential in licenceholder numbers across these segments where the number of life assurers as at 30 September 2012 is 16 (this has reduced by one in October due to consolidation) whereas the general sector totals 125 authorised insurers, consisting mainly of captive insurers. The Authority has also taken into account the profitability of each sector, the fees applied in competitive jurisdictions in respect of life assurance (see appendix 3), and the relative contribution of each sector to the economy of the Isle of Man. It has also taken into account the likely benefits to the various sectors of the updated framework in comparison with the impact of maintaining the status quo. Based on the above considerations, it is proposed by the Authority to stratify the application of annual fees across the life sector based on funds under management, as detailed in the table below. This proposal is preferred to premium income as it reflects the largely unit linked nature of the industry and 2013 Fee Consultation Page 7 of 17

8 the normal relationship between profitability of a unit linked business being directly attributable to the size of the funds under management. Funds under management at 31 December 2012: Annual fee Annual fee (proposed) 1 billion or greater 19,000 50,000 Less than 1 billion 19,000 25,000 Similar increases are proposed to the life core and cells of ICC and PCC structures as set out in more detail in the appendix and draft regulations. 5.3 General insurers As detailed in section 5.2 above in developing these proposals the Authority has considered the profitability of each sector, the fees applied in competitive jurisdictions in respect of life assurance (see appendix 3), and the relative contribution of each sector to the economy of the Isle of Man. It has also taken into account the likely benefits to the various sectors of the updated framework in comparison with the impact of maintaining the status quo. Based on these considerations, and in recognition that this category consists mainly of insurers in the captive sector it is proposed to apply marginal increases to the existing fee levels in respect of authorised insurers in the non life sector to take the annual fee applied from 4,600 in 2012 to 4,750 in Similar increases are proposed to the non life core and cells of ICC and PCC structures as set out in more detail in the appendix and draft regulations. 5.4 Insurance managers Similarly, it is proposed to apply marginal increases to the existing fees for insurance managers, retaining the existing stratification to fees based on the number of insurers managed by the entity as follows: Number of insurers managed by the manager: Annual fee Annual fee (proposed) Less than 2 2,000 2,080 Less than 5 2,500 2,600 5 or more 4,250 4, Fee Consultation Page 8 of 17

9 5.5 Insurance intermediaries There is a minimum cost associated with the supervision of entities in the regulated sector. Insurance intermediaries, in common with most regulated entities are required to submit annual reports and information, which provide the Authority with the data it needs to assess the continued registered status of the entity concerned. In addition, off site analysis and a programme of on site inspections contribute to the cost of effective regulation necessary to provide an appropriate level of protection to Isle of Man consumers and the international reputation of the Island. Based on the above considerations, and taking into account the fees charged by competitive jurisdictions after adjusting for the fees that might be applied by the Isle of Man Financial Supervision Commission ( FSC ) for investment related advisory regulated activities, the Authority proposes to increase the fee payable by general insurance intermediaries in 2013 to 2, Permit holders In recognition of the role of the Authority as host regulator in the supervision of permit holders it is proposed to apply marginal increases to the existing fees in respect of permit holders to reflect the impact of inflation, taking the proposed fees for EU permit holders to 1,700 and for non EU permit holders to 4, Pension scheme administrators In setting the level of fees to be applied to professional schemes administrators the Authority has given due consideration to the continued growth of this sector and level of supervisory activity necessary to regulate it. Consideration is also given to the degree of activity anticipated over the development period in the review and possible enhancements to the framework in place. In addition, reference has been made to the level of supervisory fees applied by the FSC to trust service providers who act as trust corporations. In the light of the above considerations, it is proposed to increase the level of fees payable by professional pension scheme administrators to 4, Impact The impact of the proposed annual fee increases on the relative contribution towards costs is considered in the income and expenditure account below which considers the anticipated fee income and the expenditure of the Authority following conclusion and implementation of the proposed enhanced framework and associated development costs Fee Consultation Page 9 of 17

10 2011/12 Post development Actual Forecast Fee Income Authorised insurers life Authorised insurers non life Insurance managers Insurance permit holders General insurance intermediaries Pension scheme administrators ,066 1,495 Operating costs 1,195* 1,831 Contribution from general revenue (129) (336) * In 2012 the Authority transferred responsibility for the maintenance and rental of the office space utilised by the Authority to the Department of Infrastructure Properties Division. To ensure comparability the operating costs for 2011/12 have been adjusted accordingly. The above financial position shows that the anticipated expenditure base of the Authority post development to be financed from contributions from the following stakeholders: Contribution from: 2011/12 Post (Adjusted) development General insurers 49.9% 33.6% Life insurers 23.4% 32.2% Government general revenue contribution 10.8% 18.4% Pension scheme administrators 5.8% 6.2% Managers 4.6% 3.4% Intermediaries 3.0% 3.8% Permit holders 2.6% 2.3% 5.9 One-off levy in 2014/15 As detailed above the Authority believes that it is appropriate for the ongoing fee structure to remain competitive so as not to deter new entrants and to help retain existing businesses within the Island. Consistent with this and to ensure that increases to the recurring annual regulatory fee are kept to an acceptable level, it is proposed that 765,000 of the cost of development be met from a one-off levy to be applied to applicable licenceholders on 1 April The purpose of this section of the consultation is to receive the views of respondents as to how the 765,000 levy should be applied across the industry. It is important to understand that this levy will not be applied until 2014, and respondents will have a further opportunity to respond in consultation to the proposed fee in the 2014 fee consultations. The following represents a number of options available to the Authority in the application of this levy across the sectors: 2013 Fee Consultation Page 10 of 17

11 a) The fee is applied across the life and general sectors only, to reflect the likely benefits which those sectors will derive from a modern, forward-looking regulatory framework that contributes to the maintenance of the Isle of Man s reputation as a responsible international financial services centre. At this stage of our considerations, this option is the preferred option of the Authority with the following one off levy being proposed: Authorised insurers life FUM > 1 bn 50,000 FUM < 1 bn 25,000 Authorised insurers non life nil Insurance Managers 1 insurer nil Less than 5 insurers 12,500 5 or more insurers 25,000 b) The fee is applied across all licenceholders, resulting in a lower attributable cost across all entities. However, it does not necessarily reflect the capacity of each segment to meet those increases nor the proportional benefit that may accrue to the individual licenceholders as a result of enhancing the framework. c) A combination of the above options whereby authorised insurers in the general sector also contribute thereby reducing the level of fees to be applied across managers and life companies. Consideration may also be given to whether the inclusion of general insurers in the proposed levy should be restricted to third party writers including the reinsurance entities of third party risks. d) Interested parties may consider an alternative option is preferable to each of the options outlined above. To bring about the legislative and regulatory changes detailed previously in this document the Authority must identify the means to fund the associated development costs. As detailed above, it is proposed to fund this additional expenditure from a combination of increments applied to the annual fees to regulated entities together with a proportional increase of contribution being supplied by central government. However, further additional funding of 765,000 is required and it is proposed to raise this by levy. The Authority believes that option a) provides the most equitable method of spreading this cost across the insurance industry and is interested in receiving the views and comments of industry and other interested stakeholders to this proposal. Which of the above options do respondents feel should be applied when determining who should meet the required one off levy? In responding please provide: i) an explanation of your choice; 2013 Fee Consultation Page 11 of 17

12 ii) consideration as to the potential impact and possible benefits of your choice on each regulated entity type and the overall economy of the Island. To assist stakeholders to consider the options available, the following table provides a summary of registrations as at 30 September 2012, of entities regulated by the Authority: Summary of Registrations FUM no. > 7.5b > 5b > 1b > 500m < 500m Authorised Insurers - Life Authorised Insurers - Non Life Permitted insurers 15 No. of insurers >4 <5 <2 Insurance Managers General insurance intermediaries 33 Professional schemes administrators 26 In-house scheme administrators 41 International schemes 384 Domestic schemes Comments and Timing The Authority invites comments on the proposed Regulations by 21 st January 2013, though earlier submission would be welcome. Respondents are encouraged to provide evidence and/or reasoning, where appropriate, to support their responses. The Authority will seek to respond to any comments or questions as soon as is practicable following their receipt. Respondents must please identify themselves and provide contact details with their submissions. Please note that anonymous submissions will be disregarded. A summary of responses will be posted on the Authority s website at However, the summary will not name respondents. Please note that, whilst the Authority will give careful consideration to all responses received, a response to this consultation does not guarantee a change to the proposed Regulations. 7 Contact Any questions or correspondence on this should be addressed in the first instance to: 2013 Fee Consultation Page 12 of 17

13 Francesca Signorio-Hooper The Insurance and Pensions Authority Ground Floor Finch Hill House Bucks Road Douglas Isle of Man IM1 3DF Fee Consultation Page 13 of 17

14 Appendix I Proposed annual fees Proposed annual fees Current Proposed Authorised Life / PCC ICC core / cell - Life FUM > 1bn 19,000 50,000 Authorised Life / PCC ICC core / cell - Life FUM < 1bn 19,000 25,000 Authorised insurer Non Life / PCC ICC core - non life 4,600 4,750 PCC ICC cell - non life 540-4, ,750 PCC cell dormant PCC cell non life Max aggregate 27,000 27,900 Permit holder incl. PCC core or life cell Non EU 4,600 4,750 Permit holder - non life cell Non EU 540-4, ,750 Permit holder - PCC cell dormant Non EU Permit holder - PCC cell non life Non EU Max aggregate 27,000 27,900 Permit holder EU 1,650 1,700 Intermediary 1,400 2,080 Insurance manager One insurer 2,000 2,080 Insurance manager <5 2,500 2,600 Insurance manager >4 4,250 4,420 RBS Administrator - in house RBS Administrator - professional 3,500 4,000 * - The fee for a non-life cell is calculated based on the level of premiums written by the cell Fee Consultation Page 14 of 17

15 Appendix II - Proposed application fees for authorisation / registration The following increases are proposed in respect of the fees charged on application for authorisation or registration: Current Proposed Authorisation Fee Authorised life 3,800 3,875 Authorised non-life 2,170 2,210 PCC/ICC core 2,170 2,210 PCC/ICC cell 1,085 1,110 Permit holder EU 1,085 1,110 Permit holder non EU 2,170 2,210 Permit holder non EU PCC 2,170 2,210 Insurance manager 2,170 2,210 RBS Administrator - in house RBS Administrator - professional , Fee Consultation Page 15 of 17

16 Appendix III Jursidiction comparison in respect of life assurance Looking at the following relevant key competitor jurisdictions for the life industry annual fees are currently set according to a varying criteria as follows: Dubai: Guernsey: Hong Kong: Ireland: The Dubai Financial Services Authority apply a flat rate fee of US$40,000 in respect of non captive insurers. The Guernsey Financial Supervision Commission applies fees to life assurers based on policyholder liabilities. Using the criteria specified under Guernsey s proposed fees for 2012, all Isle of Man life companies, bar one, would be paying the maximum fee of 20,325. The Hong Kong Office of the Commissioner of Insurance currently apply a flat rate fee of HK$227,300 in respect of life insurers. Under current proposals to create an self funding independent Insurance Authority 1 fees will increase to a flat fee of HK$300,000 plus a % of Technical liabilities plus a a levy of 0.1% on premiums of all insurance policies. Using the 2011 annual statements and applying the same basis we estimate that seven Isle of Man insurers will pay over 100,000, four in excess of 50,000 with the remainder all paying in excess of 25,000. Under the current basis of fee levy the Central Bank of Ireland charges insurers a flat rate fee of 10,000 plus a fee of % of premium income. In addition to that a consumer levy is applied on premiums written on Irish risks. For the purposes of this comparison the consumer levy is discounted. On this basis five Isle of Man insurers would pay in excess of 50,000, a further four would pay in excess of 25,000 and the remaining would pay less than 25,000. The CBI has recently issued for consultation a paper 2 which proposes changing the methodology of fee calculations to one that considers the impact in the event of failure (it does not consider the risk of failure in this context). The higher the impact the greater the fees chargeable. The impact metrics used in the life sector are 3, required solvency margin, gross reserves, total assets, total liabilities and annual premium equivalent. The CBI currently assesses that this will result in fees being chargeable in the range of 1.3m for a ultra-high impact insurer (including non life) to 9,361 to a low impact insurer according to the following table: Ultra high 1,313,240 High 599,166 Medium High 136,249 Medium Low 27,086 Low 9,361 1 Key legislative proposals on establishment of an independent insurance authority ( IIA ) issued by the Financial Services and Treasury Bureau October CP61 issued by the Central Bank of Ireland 20 November PRISM explained issued by the CBI November Fee Consultation Page 16 of 17

17 Luxembourg The base fee applied by the Commissariat aux Assurances to insurers in Luxembourg is based on premium income, except where the technical reserves exceed 10 times the premiums where the fee is calculated by reference to one tenth of the technical reserves. Applying the basis of calculation to Isle of Man life companies nine companies would pay a fee of between 25,000 and 46,000, with remainder paying a fee of 8,300 or more. Malta: UK: Annual fees payable to the Malta Financial Services Authority (MFSA) in respect of a life assurance company are calculated by reference to gross premiums as shown in the annual financial statements. Using the 2011 financial statements of Isle of Man assurers, we consider that utilising the same basis, in 2012 nine insurers would pay an equivalent fee of just over 31,000 pa, three insurers 23,000 and the remaining would pay 12,500 or less. The Financial Services Authority in the UK currently charges fees to life assurers with reference to adjusted annual gross premium income 4 (AGPI) and mathematical reserves (MR) as follows: per million of AGPI plus a Solvency II adjustment of between and per million of AGPI Plus per million of MR plus a Solvency II adjustment of between 1.44 and 2.96 per million of MR On this basis and applying similar rules to the 2011 financial statements of Isle of Man assurers, in 2012 three insurers would have paid in excess of 1m, two in excess of 500,000, five over 100,000 and two in excess of 50,000 in fees before applying the adjustment for Solvency II. 4 Amount of new regular premium business (yearly premiums including reassurances ceded but excluding cancellations and reassurances accepted), times ten; plus amounts of new single premium business (total including reassurances ceded but excluding cancellations and reassurances accepted). Group protection business (life and private health insurance) must be included; less premiums relating to pension fund management; less premiums relating to Trustee Investment Plans Fee Consultation Page 17 of 17

Insurance Fees Regulations 2010 - Consultative Document

Insurance Fees Regulations 2010 - Consultative Document Insurance Fees Regulations 2010 - Consultative Document 1. Introduction The Insurance and Pensions Authority has drafted the Insurance Fees Regulations 2010. A copy of the draft Regulations is attached

More information

Isle of Man Insurance and Pensions Authority

Isle of Man Insurance and Pensions Authority Isle of Man Insurance and Pensions Authority Annual Report 2012 CONTENTS Contents INTRODUCTION Foreword by the Chief Executive 2 REGULATORY OBJECTIVES, FUNCTIONS AND SUPERVISORY APPROACH Regulatory objectives

More information

Insurance (Amendment) (Valuation of Liabilities Rates of Interest) Regulations 2015 CONSULTATION PAPER CP15-01

Insurance (Amendment) (Valuation of Liabilities Rates of Interest) Regulations 2015 CONSULTATION PAPER CP15-01 Insurance (Amendment) (Valuation of Liabilities Rates of Interest) Regulations 2015 CONSULTATION PAPER CP15-01 This Consultation Paper is issued by the Insurance and Pensions Authority ( the Authority

More information

GUIDANCE NOTES for Insurance Business

GUIDANCE NOTES for Insurance Business GUIDANCE NOTES for Insurance Business INTRODUCTION 1. The Isle of Man Government is fully committed to encouraging the development of insurance business carried on from within the Island provided it is

More information

Isle of Man Government

Isle of Man Government Isle of Man Government Commitment to Combating Money Laundering and the Financing of Terrorism & Proliferation Council of Ministers June 2012 Isle of Man Government Commitment to Combating Money Laundering

More information

INSURANCE ACCOUNTING MIND THE UK GAAP

INSURANCE ACCOUNTING MIND THE UK GAAP INSURANCE ACCOUNTING MIND THE UK GAAP This is a paper prepared by the staff of the UK Accounting Standards Board in order to invite comments from constituents on the options for the future of insurance

More information

GUIDE TO ESTABLISHING INSURANCE COMPANIES IN GUERNSEY

GUIDE TO ESTABLISHING INSURANCE COMPANIES IN GUERNSEY GUIDE TO ESTABLISHING INSURANCE COMPANIES IN GUERNSEY CONTENTS PREFACE 1 1. Introduction 2 2. Authorisation 2 3. Minimum Criteria for Licensing 2 4. Requirements for Licensing under the Insurance Law 3

More information

Consultation on Impact Based Levies and Other Levy Related Matters CP 61

Consultation on Impact Based Levies and Other Levy Related Matters CP 61 2012 Consultation on Impact Based Levies and Other Levy Related Matters CP 61 Page 1 CP61 Consultation on Impact Based Levies and Other Levy Related Matters Contents 1. Executive Summary 2 2. Why do we

More information

Life and Non-Life Insurance (2)

Life and Non-Life Insurance (2) Life and Non-Life Insurance (2) Life and Non-Life Business in Hong Kong Regulations and Actuarial Guidelines Regulatory Framework The principal regulation for the regulation of the insurance industry in

More information

Policy Statement: Licensing Policy in respect of those activities that require a permit under the Insurance Business (Jersey) Law 1996

Policy Statement: Licensing Policy in respect of those activities that require a permit under the Insurance Business (Jersey) Law 1996 Policy Statement: Licensing Policy in respect of those activities that require a permit under the Insurance Business (Jersey) Law 1996 Issued: 11 February 2011 Glossary of terms: The following table provides

More information

Guide to Financial Reporting In Irish Life & Permanent plc European Embedded Value and IFRS

Guide to Financial Reporting In Irish Life & Permanent plc European Embedded Value and IFRS Guide to Financial Reporting In Irish Life & Permanent plc European Embedded Value and IFRS This guide to financial reporting is designed to help investors and other users of our financial statements to

More information

Insurance captive companies in Malta Making the complex simple

Insurance captive companies in Malta Making the complex simple Deloitte Malta factsheet Tax Insurance captive companies in Malta Making the complex simple viewingmalta.com Malta provides the opportunity for companies to locate their captive insurance business and

More information

Markets Infrastructure Team, Markets Policy Division, Central Bank of Ireland, Block D, Iveagh Court, Harcourt Road, Dublin 2

Markets Infrastructure Team, Markets Policy Division, Central Bank of Ireland, Block D, Iveagh Court, Harcourt Road, Dublin 2 30 th January 2015 Markets Infrastructure Team, Markets Policy Division, Central Bank of Ireland, Block D, Iveagh Court, Harcourt Road, Dublin 2 RE: Consultation on Supervision of Non-Financial Counterparties

More information

Investment funds in Guernsey

Investment funds in Guernsey Investment funds in Guernsey APRIL 2012 For more briefings visit mourantozannes.com This briefing is only intended to give a summary and general overview of the subject matter. It is not intended to be

More information

Financial Advice - sales and advisory step by step guidance

Financial Advice - sales and advisory step by step guidance Financial Advice - sales and advisory step by step guidance This guidance is of particular relevance to Class 2 licenceholders with sub-class (3) & (7) permissions or sub-class (3), (6) & (7) permissions

More information

Consultation on National Specific Templates for Insurers and Reinsurers under Solvency II. Consultation Paper CP89

Consultation on National Specific Templates for Insurers and Reinsurers under Solvency II. Consultation Paper CP89 2014 National Specific Templates Consultation Consultation on National Specific Templates for Insurers and Reinsurers under Solvency II Consultation Paper CP89 1 National Specific Templates Consultation

More information

Taxation of Pension Schemes

Taxation of Pension Schemes 20 March 2007 Taxation of Pension Schemes Consultation Response Document Issued by: 2 nd Floor Government Office Buck s Road Douglas IM1 3TX Index Page 1. Introduction...3 2. Consultation...3 3. Executive

More information

ACCOUNTING STANDARDS BOARD DECEMBER 2004 FRS 27 27LIFE ASSURANCE STANDARD FINANCIAL REPORTING ACCOUNTING STANDARDS BOARD

ACCOUNTING STANDARDS BOARD DECEMBER 2004 FRS 27 27LIFE ASSURANCE STANDARD FINANCIAL REPORTING ACCOUNTING STANDARDS BOARD ACCOUNTING STANDARDS BOARD DECEMBER 2004 FRS 27 27LIFE ASSURANCE FINANCIAL REPORTING STANDARD ACCOUNTING STANDARDS BOARD Financial Reporting Standard 27 'Life Assurance' is issued by the Accounting Standards

More information

in Guernsey, the Isle of Man, Ireland, Luxembourg and UK

in Guernsey, the Isle of Man, Ireland, Luxembourg and UK A summary of the life insurance policyholder protection measures in Guernsey, the Isle of Man, Ireland, Luxembourg and UK for professional advisers This summary should be read in conjunction with AILO

More information

Standard Life Investment Funds Limited

Standard Life Investment Funds Limited Standard Life Investment Funds Limited Annual FSA Insurance Returns for the financial year ended 31 December 2011 Prepared in accordance with the Accounts and Statements Rules (Appendices 9.3, and 9.6)

More information

Client Agreement. Chase Financial Services Limited trading as Chase Wealth Solutions is licensed by the Isle of Man Financial Supervision Commission.

Client Agreement. Chase Financial Services Limited trading as Chase Wealth Solutions is licensed by the Isle of Man Financial Supervision Commission. Client Agreement This agreement is between the client ( you ) and Chase Wealth Solutions for the provision of advice and services described later in this document Chase Financial Services Limited trading

More information

Life Insurance Contracts

Life Insurance Contracts Compiled Accounting Standard AASB 1038 Life Insurance Contracts This compilation was prepared on 23 September taking into account amendments made up to and including 15 September 2005. Prepared by the

More information

Domestic Actuarial Regime and Related Governance Requirements under Solvency II

Domestic Actuarial Regime and Related Governance Requirements under Solvency II 2015 Domestic Actuarial Regime and Related Governance Requirements under Solvency II 1 Domestic Actuarial Regime and Related Governance Requirements under Solvency II Contents 1. Introduction...2 1.1 Background...

More information

CONSULTATION PAPER ON THE COLLATION AND PUBLICATION OF INSURANCE LIABILITY CLAIMS DATA

CONSULTATION PAPER ON THE COLLATION AND PUBLICATION OF INSURANCE LIABILITY CLAIMS DATA M CONSULTATION PAPER ON THE COLLATION AND PUBLICATION OF INSURANCE LIABILITY CLAIMS DATA March 2006 1 CONSULTATION PAPER 17 Table of Contents 1 Making your submission 3 2 Introduction 4 3 Background 6

More information

Business Plan 2015 Published January 2015

Business Plan 2015 Published January 2015 Business Plan 2015 Published January 2015 BUSINESS PLAN 2015 CONTENTS Contents... 2 Introduction... 2 Commission Strategy Statement... 3 How the Commission sets its priorities... 5 Our major priorities

More information

Isle of Man Companies Providing the Ideal Structure for your Corporate Requirements

Isle of Man Companies Providing the Ideal Structure for your Corporate Requirements Isle of Man Companies Providing the Ideal Structure for your Corporate Requirements Isle of Man and Offshore Companies Corporate Options specialises in the formation, implementation and management of Isle

More information

.ainsurance. Luxembourg Law

.ainsurance. Luxembourg Law .ainsurance Luxembourg Law May 2009 Table of contents 1. The insurance business in Luxembourg: the statutory framework...3 2. The Luxembourg Insurance Supervisory Authority (Commissariat aux Assurances)...3

More information

Reserving Requirements for Non-Life Insurers and Non-Life and Life Reinsurers

Reserving Requirements for Non-Life Insurers and Non-Life and Life Reinsurers 2014 Reserving Requirements for Non-Life Insurers and Non-Life and Life Reinsurers 1 Reserving Requirements for Non-Life Insurers and Non-Life and Life Reinsurers Contents Introduction... 3 Definitions...

More information

INSURANCE COMPANY MANAGEMENT IN THE ISLE OF MAN

INSURANCE COMPANY MANAGEMENT IN THE ISLE OF MAN INSURANCE COMPANY MANAGEMENT IN THE ISLE OF MAN August 2010 We communicate with you to understand your business, providing the expertise and creativity to develop and deliver excellent captive solutions,

More information

CONSULTATION PAPER CP 41 CORPORATE GOVERNANCE REQUIREMENTS FOR CREDIT INSTITUTIONS AND INSURANCE UNDERTAKINGS

CONSULTATION PAPER CP 41 CORPORATE GOVERNANCE REQUIREMENTS FOR CREDIT INSTITUTIONS AND INSURANCE UNDERTAKINGS CONSULTATION PAPER CP 41 CORPORATE GOVERNANCE REQUIREMENTS FOR CREDIT INSTITUTIONS AND INSURANCE UNDERTAKINGS 2 PROPOSAL 1.1 It is now widely recognised that one of the causes of the international financial

More information

Life Insurance Contracts

Life Insurance Contracts Compiled AASB Standard AASB 1038 Life Insurance Contracts This compiled Standard applies to annual reporting periods beginning on or after 1 January 2011 but before 1 January 2013. Early application is

More information

Luxembourg Life Assurance for International Investors

Luxembourg Life Assurance for International Investors Luxembourg Life Assurance for International Investors 2 3 CONTENTS 4 Luxembourg Life Assurance for International Investors 4 A truly international focus 6 Maximum protection 8 Solutions designed for sophisticated

More information

Report on Pension Charges in Ireland 2012

Report on Pension Charges in Ireland 2012 Report on Pension Charges in Ireland 2012 Table of Contents Executive Summary... 1 Preface... 21 Chapter 1 The Irish Pensions Landscape... 23 Chapter 2 Explaining Pension Charges... 31 Chapter 3 Research

More information

Offshore Savings Account

Offshore Savings Account Offshore Savings Account Client Guide Investing in your future Saving for the future Choose a level of investment which is both affordable and meets your saving objectives. See page 4 A wide range of investment

More information

Cross-Border Investment Bonds

Cross-Border Investment Bonds Summary for UK resident clients A guide to Cross-Border Investment Bonds An investment product designed for everyone... This guide explains some important generic facts about cross-border investment bonds

More information

German Tax Facts. The Expatriate Financial Guide to Germany

German Tax Facts. The Expatriate Financial Guide to Germany The Expatriate Financial Guide to Germany German Tax Facts Introduction Tax Year Assessment Basis Income Tax Taxation in Germany occurs at a national and municipal level. The Ministry of Finance controls

More information

Life and Non-life Insurance Directives

Life and Non-life Insurance Directives 1 Life and Non-life Insurance Directives Michaela SUCHARDOVÁ Insurance and Pensions Unit Screening process Explanatory meeting with Croatia and Turkey 29 March 2006 2 Overview of the presentation 1. Internal

More information

Directors Report 2013

Directors Report 2013 Directors Report 2013 Iris Insurance Brokers Limited Directors Report for the Year Ended 30 September 2013 Directors Report 2013 Contents Who we are 1 Key developments 1 Operational highlights 1 Financial

More information

Insurance Guidance Note No. 14 System of Governance - Insurance Transition to Governance Requirements established under the Solvency II Directive

Insurance Guidance Note No. 14 System of Governance - Insurance Transition to Governance Requirements established under the Solvency II Directive Insurance Guidance Note No. 14 Transition to Governance Requirements established under the Solvency II Directive Date of Paper : 31 December 2013 Version Number : V1.00 Table of Contents General governance

More information

Guidelines. on the data collection exercise regarding high earners EBA/GL/2014/07. 16 July 2014

Guidelines. on the data collection exercise regarding high earners EBA/GL/2014/07. 16 July 2014 EBA/GL/2014/07 16 July 2014 Guidelines on the data collection exercise regarding high earners Contents 1. Executive summary 3 2. Background and rationale 4 3. EBA Guidelines on the data collection exercise

More information

Part surrenders and part assignments of life insurance policies

Part surrenders and part assignments of life insurance policies Part surrenders and part assignments of life insurance policies Consultation document Publication date: 20 April 2016 Closing date for comments: 13 July 2016 Subject of this consultation: Scope of this

More information

INSURANCE ACT 2008 CORPORATE GOVERNANCE CODE OF PRACTICE FOR REGULATED INSURANCE ENTITIES

INSURANCE ACT 2008 CORPORATE GOVERNANCE CODE OF PRACTICE FOR REGULATED INSURANCE ENTITIES SD 0880/10 INSURANCE ACT 2008 CORPORATE GOVERNANCE CODE OF PRACTICE FOR REGULATED INSURANCE ENTITIES Laid before Tynwald 16 November 2010 Coming into operation 1 October 2010 The Supervisor, after consulting

More information

Life Assurance Policies

Life Assurance Policies clarityresearch Life Assurance Policies Summary 1. Some life assurance policies are not taken out as a means of purely providing life insurance (for this subject, please see the Research Notes in the Protection

More information

PEL Altraplan (Gibraltar) PCC Limited Intended Transfer of Portfolio of Insurance Policies

PEL Altraplan (Gibraltar) PCC Limited Intended Transfer of Portfolio of Insurance Policies PEL Altraplan (Gibraltar) PCC Limited Intended Transfer of Portfolio of Insurance Policies We are writing to you in connection with your insurance policy with PEL Altraplan (Gibraltar) PCC Limited ( Vestalife

More information

Non-dom dilemmas and how offshore bonds can help. For advisers only. Not for use with customers.

Non-dom dilemmas and how offshore bonds can help. For advisers only. Not for use with customers. Non-dom dilemmas and how offshore bonds can help For advisers only. Not for use with customers. 2 Non-dom dilemmas and how offshore bonds can help Background The UK has long been considered a tax haven

More information

Licensing Policy for Asset Managers of Specialist Funds and funds of a similar nature to Specialist Funds

Licensing Policy for Asset Managers of Specialist Funds and funds of a similar nature to Specialist Funds Licensing Policy for Asset Managers of Specialist Funds and funds of a similar nature to Specialist Funds 1 Introduction This policy document is directed at asset managers of Specialist Funds and funds

More information

Your guide to taxation when returning to the UK

Your guide to taxation when returning to the UK Returning to the UK Your guide to taxation when returning to the UK Like many British expatriates, you may choose to return to the UK to live for a period or even permanently. It is important that your

More information

Group Procurement Policy. Policy Owner: Executive Director Finance and Resources

Group Procurement Policy. Policy Owner: Executive Director Finance and Resources Group Procurement Policy Policy Owner: Executive Director Finance and Resources 0 Control Date Policy level Regulatory / Strategic Policy Reference FR/001/2012 Link to Strategy Procurement Strategy Version

More information

VHI HEALTHCARE OBSERVATIONS ON REPORT BY HEALTH INSURANCE AUTHORITY ON COMPETITION IN THE IRISH PRIVATE HEALTH INSURANCE MARKET

VHI HEALTHCARE OBSERVATIONS ON REPORT BY HEALTH INSURANCE AUTHORITY ON COMPETITION IN THE IRISH PRIVATE HEALTH INSURANCE MARKET VHI HEALTHCARE OBSERVATIONS ON REPORT BY HEALTH INSURANCE AUTHORITY ON COMPETITION IN THE IRISH PRIVATE HEALTH INSURANCE MARKET This report covers much the same ground as the recent report by the Competition

More information

THE INSURANCE BUSINESS (SOLVENCY) RULES 2015

THE INSURANCE BUSINESS (SOLVENCY) RULES 2015 THE INSURANCE BUSINESS (SOLVENCY) RULES 2015 Table of Contents Part 1 Introduction... 2 Part 2 Capital Adequacy... 4 Part 3 MCR... 7 Part 4 PCR... 10 Part 5 - Internal Model... 23 Part 6 Valuation... 34

More information

Financial Reporting Brief Special Edition FRS 103 Insurance Contracts

Financial Reporting Brief Special Edition FRS 103 Insurance Contracts March 2014 Financial Reporting Brief Special Edition FRS 103 Insurance Contracts In a nutshell The Financial Reporting Council (FRC) has issued FRS 103 Insurance Contracts. The standard consolidates existing

More information

Insurance (Valuation of Long Term Liabilities) Regulations 2007 Consultative Document

Insurance (Valuation of Long Term Liabilities) Regulations 2007 Consultative Document Insurance (Valuation of Long Term Liabilities) Regulations 2007 Consultative Document 1. Introduction The Insurance and Pensions Authority has released a consultative draft of the Insurance (Valuation

More information

Taxation of Investment Products

Taxation of Investment Products 2 December 2009 Taxation of Pension Taxation Schemes of Investment Products A Consultation Document Issued by: 2 nd Floor Government Office Buck s Road Douglas IM1 3TX Index Page 1 Background... 1 2 Investment

More information

Private Health Insurance Administration Council (PHIAC) Cost Recovery Impact Statement. 16 June 2009 Increase in the Council Administration Levy

Private Health Insurance Administration Council (PHIAC) Cost Recovery Impact Statement. 16 June 2009 Increase in the Council Administration Levy Private Health Insurance Administration Council (PHIAC) 16 June 2009 Increase in the Council Administration Table of Contents 1. OVERVIEW 1.1 Purpose 1.2 Background 1.3 Australian Government Cost Recovery

More information

A submission from: the Law Institute of Victoria, the Tax Institute of Australia and the Property Council of Australia.

A submission from: the Law Institute of Victoria, the Tax Institute of Australia and the Property Council of Australia. page 1 To: The Commissioner of State Revenue Land Tax Trusts Consultation Joint A submission from: the Law Institute of Victoria, the Tax Institute of Australia and the Property Council of Australia. Date:

More information

Insurance Companies (Amendment) Bill 2014

Insurance Companies (Amendment) Bill 2014 CB(1)1494/13-14(01) Insurance Companies (Amendment) Bill 2014 Policy Briefing Bills Committee Meeting 27 May 2014 1 Objectives of the Bill To establish an independent Insurance Authority (IIA) To establish

More information

CONSULTATION PAPER NO 2. 2004

CONSULTATION PAPER NO 2. 2004 CONSULTATION PAPER NO 2. 2004 REGULATION OF GENERAL INSURANCE MEDIATION BUSINESS This consultation paper explains the need for the Island to regulate general insurance mediation business and examines the

More information

INVESTMENT TRUST COMPANIES: A TAX

INVESTMENT TRUST COMPANIES: A TAX 1 INVESTMENT TRUST COMPANIES: A TAX FRAMEWORK Summary 1.1 Budget 2008 announced that the Government would consider adapting the tax rules for Investment Trust Companies to enable tax-efficient investment

More information

International Tax information for customers Client Guide

International Tax information for customers Client Guide International Tax information for customers Client Guide Contents Please note AXA Wealth International is the brand used for the promotion of international investment products offered by AXA Isle of Man

More information

An Introduction to Captive Insurance Companies

An Introduction to Captive Insurance Companies An Introduction to Captive Insurance Companies The Heritage Group ( Heritage ) is a multi-faceted financial services group with representation in Guernsey, Malta and Gibraltar. We provide a wide range

More information

Accounting Standard AASB 1020 December 1999. Income Taxes. Issued by the Australian Accounting Standards Board

Accounting Standard AASB 1020 December 1999. Income Taxes. Issued by the Australian Accounting Standards Board Accounting Standard AASB 1020 December 1999 Income Taxes Issued by the Australian Accounting Standards Board Obtaining a Copy of this Accounting Standard Copies of this Standard are available for purchase

More information

Speech at the inauguration of the Flacq branch of the Island Life Assurance Co. Ltd

Speech at the inauguration of the Flacq branch of the Island Life Assurance Co. Ltd Financial Services Commission Mauritius Speech at the inauguration of the Flacq branch of the Island Life Assurance Co. Ltd Clairette Ah-Hen, Chief Executive of the Financial Services Commission Thursday,

More information

Consultation Paper on the draft proposal for Guidelines on methods for determining the market share for reporting

Consultation Paper on the draft proposal for Guidelines on methods for determining the market share for reporting EIOPA-CP-14/044 27 November 2014 Consultation Paper on the draft proposal for Guidelines on methods for determining the market share for reporting EIOPA Westhafen Tower, Westhafenplatz 1-60327 Frankfurt

More information

ACCOUNTING STANDARDS BOARD OCTOBER 1998 FRS 14 FINANCIAL REPORTING STANDARD EARNINGS ACCOUNTING STANDARDS BOARD

ACCOUNTING STANDARDS BOARD OCTOBER 1998 FRS 14 FINANCIAL REPORTING STANDARD EARNINGS ACCOUNTING STANDARDS BOARD ACCOUNTING STANDARDS BOARD OCTOBER 1998 FRS 14 14 EARNINGS FINANCIAL REPORTING STANDARD PER SHARE ACCOUNTING STANDARDS BOARD Financial Reporting Standard 14 Earnings per Share is issued by the Accounting

More information

Draft FATCA Regulations. Submission from the Association of Investment Companies

Draft FATCA Regulations. Submission from the Association of Investment Companies Draft FATCA Regulations Submission from the Association of Investment Companies Overview The Association of Investment Companies (AIC) welcomes the opportunity to comment on the draft FATCA regulations.

More information

Guidelines on ring-fenced funds

Guidelines on ring-fenced funds EIOPA-BoS-14/169 EN Guidelines on ring-fenced funds EIOPA Westhafen Tower, Westhafenplatz 1-60327 Frankfurt Germany - Tel. + 49 69-951119-20; Fax. + 49 69-951119-19; email: info@eiopa.europa.eu site: https://eiopa.europa.eu/

More information

United Kingdom: Main Market - IPO Overview

United Kingdom: Main Market - IPO Overview United Kingdom: Main Market - IPO Overview 1 Regulatory Background 1.1 Overview of Regulatory Requirements The requirements for listing on the Main Market (premium and standard) of the London Stock Exchange

More information

Application of Insurer Authorisation in Hong Kong

Application of Insurer Authorisation in Hong Kong www.pwchk.com Application of Insurer Authorisation in Hong Kong Highlights of the Regulatory Requirements Updated as of January 2012 1. Introduction Under the Hong Kong regulatory regime, institutions

More information

I am pleased to welcome you to the latest edition of La Mondiale Europartner s Expat News.

I am pleased to welcome you to the latest edition of La Mondiale Europartner s Expat News. April 2013 I am pleased to welcome you to the latest edition of La Mondiale Europartner s Expat News. Life company guaranteed funds have performed strongly in the context of the financial crisis and we

More information

Proposals for a Register of Apprenticeship Training Providers

Proposals for a Register of Apprenticeship Training Providers Proposals for a Register of Apprenticeship Training Providers August 2016 Of interest to training providers that want to deliver apprenticeship training from May 2017. Background to apprenticeship reforms

More information

LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013

LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013 LONDON STOCK EXCHANGE HIGH GROWTH SEGMENT RULEBOOK 27 March 2013 Contents INTRODUCTION... 2 SECTION A ADMISSION... 3 A1: Eligibility for admission... 3 A2: Procedure for admission... 4 SECTION B CONTINUING

More information

INSURANCE COMPANY MANAGEMENT IN IRELAND

INSURANCE COMPANY MANAGEMENT IN IRELAND INSURANCE COMPANY MANAGEMENT IN IRELAND June 2009 CONTENTS SECTION 1 INTRODUCTION 2 SECTION 2 CAPTIVE MANAGEMENT SERVICES 4 SECTION 3 IRELAND AS A CENTRE FOR CAPTIVE INSURANCE COMPANIES 8 SECTION 4 WILLIS

More information

DRAFT May 2012. Objective and key requirements of this Prudential Standard

DRAFT May 2012. Objective and key requirements of this Prudential Standard Prudential Standard LPS 340 Valuation of Policy Liabilities Objective and key requirements of this Prudential Standard The ultimate responsibility for the value of a life company s policy liabilities rests

More information

General Protocol relating to the collaboration of the insurance supervisory authorities of the Member States of the European Union March 2008

General Protocol relating to the collaboration of the insurance supervisory authorities of the Member States of the European Union March 2008 CEIOPS-DOC-07/08 General Protocol relating to the collaboration of the insurance supervisory authorities of the Member States of the European Union March 2008 CEIOPS e.v. - Westhafenplatz 1 60327 Frankfurt

More information

Author Name(s): Abbe Williams, Stephanie Duff and Daniel Wisniewski Office for National Statistics

Author Name(s): Abbe Williams, Stephanie Duff and Daniel Wisniewski Office for National Statistics Blue Book 2012: Improvements to the measurement of insurance services Author Name(s): Abbe Williams, Stephanie Duff and Daniel Wisniewski Office for National Statistics 1. SUMMARY Financial intermediation

More information

Isle of Man Financial Supervision Commission. Business Plan Guidance for Licence Applicants

Isle of Man Financial Supervision Commission. Business Plan Guidance for Licence Applicants Isle of Man Financial Supervision Commission Business Plan Guidance for Licence Applicants February 2014 1. Introduction An applicant for a Financial Services Licence is required to submit a business plan

More information

GUIDE TO PUBLIC OFFERING OF COMPANIES IN GUERNSEY, ISLE OF MAN AND JERSEY

GUIDE TO PUBLIC OFFERING OF COMPANIES IN GUERNSEY, ISLE OF MAN AND JERSEY GUIDE TO PUBLIC OFFERING OF COMPANIES IN GUERNSEY, ISLE OF MAN AND JERSEY CONTENTS PREFACE 1 1. Introduction 2 2. Why Choose Guernsey, Isle of Man or Jersey? 2 3. Company Incorporations, Migrations and

More information

The Insurance Industry in Malta

The Insurance Industry in Malta The Insurance Industry in Malta Malta is an independent republic, gaining independence from the U.K. in 1964. It is a full member of the European Union (from 1 st May 2004) and is one of the 15 members

More information

Opening the black box

Opening the black box Demystifying IFRS 4 Phase 2 1 Opening the black box Demystifying IFRS 4 Phase 2 KPMG International kpmg.com Foreword The new accounting standard for insurers will represent a significant change for many

More information

KEY FEATURES OF THE NEW OPEN ANNUITY. www.londoncolonial.com

KEY FEATURES OF THE NEW OPEN ANNUITY. www.londoncolonial.com KEY FEATURES OF THE NEW OPEN www.londoncolonial.com New Open Annuity Take control of your pension Please note that the New Open Annuity is not appropriate for everybody and it is essential for prospective

More information

Key Features of investing in an Old Mutual Wealth Collective. via an Old Mutual International - International Portfolio Bond

Key Features of investing in an Old Mutual Wealth Collective. via an Old Mutual International - International Portfolio Bond Key Features of investing in an Old Mutual Wealth Collective Investment Account* via an Old Mutual International - International Portfolio Bond For UK Customers *Provided by Old Mutual Wealth Limited The

More information

BANKING. Sector Specific AML/CFT Guidance Notes. May 2015

BANKING. Sector Specific AML/CFT Guidance Notes. May 2015 BANKING Sector Specific AML/CFT Guidance Notes May 2015 Whilst this publication has been prepared by the Financial Supervision Commission, it is not a legal document and should not be relied upon in respect

More information

Consultation Paper FCA CP15/2** PRA CP2/15. Financial Services Compensation Scheme Management Expenses Levy Limit 2015/16

Consultation Paper FCA CP15/2** PRA CP2/15. Financial Services Compensation Scheme Management Expenses Levy Limit 2015/16 Consultation Paper FCA CP15/2** PRA CP2/15 Financial Services Compensation Scheme Management Expenses Levy Limit 2015/16 January 2015 FCA CP15/2 PRA CP2/15 Financial Services Compensation Scheme Management

More information

Friends Life Assurance Society Limited

Friends Life Assurance Society Limited Annual FSA Insurance Returns for the year ended 28th December 2012 (Appendices 9.1, 9.3, 9.6) Produced using BestESP Services - UK Year ended 28th December 2012 Contents Page Appendix 9.3 Form 40 Long-term

More information

Annuity Policy. For a Compulsory Purchase Annuity from an occupational pension scheme

Annuity Policy. For a Compulsory Purchase Annuity from an occupational pension scheme Annuity Policy For a Compulsory Purchase Annuity from an occupational pension scheme Please keep this Policy in a safe place, along with the accepted Annuity Quotation, the Statement of Benefits and the

More information

STATUTORY INSTRUMENTS. S.I. No. 335 of 2014 THE CENTRAL BANK ACT 1942 (SECTION 32D) REGULATIONS 2014

STATUTORY INSTRUMENTS. S.I. No. 335 of 2014 THE CENTRAL BANK ACT 1942 (SECTION 32D) REGULATIONS 2014 STATUTORY INSTRUMENTS. S.I. No. 335 of 2014 THE CENTRAL BANK ACT 1942 (SECTION 32D) REGULATIONS 2014 2 [335] S.I. No. 335 of 2014 THE CENTRAL BANK ACT 1942 (SECTION 32D) REGULATIONS 2014 In exercise of

More information

2015 No. 575 FINANCIAL SERVICES AND MARKETS. The Solvency 2 Regulations 2015

2015 No. 575 FINANCIAL SERVICES AND MARKETS. The Solvency 2 Regulations 2015 S T A T U T O R Y I N S T R U M E N T S 2015 No. 575 FINANCIAL SERVICES AND MARKETS The Solvency 2 Regulations 2015 Made - - - - 6th March 2015 Laid before Parliament 9th March 2015 Coming into force in

More information

RETIREMENT ANNUITY TRUST SCHEMES (RATS)

RETIREMENT ANNUITY TRUST SCHEMES (RATS) FACT SHEET RETIREMENT ANNUITY TRUST SCHEMES (RATS) With only a limited number of retirement annuity contracts (RAC) and personal pension schemes (PPS) available in Guernsey, the popularity of RATS is growing

More information

Joint Committee on Enterprise & Small Business 31 May 2006 Statement by Patrick Neary, Chief Executive

Joint Committee on Enterprise & Small Business 31 May 2006 Statement by Patrick Neary, Chief Executive Joint Committee on Enterprise & Small Business 31 May 2006 Statement by Patrick Neary, Chief Executive Introduction Thank you for the opportunity to address you this morning about your ongoing work, focusing

More information

PEL Altraplan (Gibraltar) PCC Limited Intended Transfer of Portfolio of Insurance Policies

PEL Altraplan (Gibraltar) PCC Limited Intended Transfer of Portfolio of Insurance Policies PEL Altraplan (Gibraltar) PCC Limited Intended Transfer of Portfolio of Insurance Policies We are writing to you in connection with your insurance policy with PEL Altraplan (Gibraltar) PCC Limited ( Vestalife

More information

Withdrawal or surrender form

Withdrawal or surrender form Withdrawal or surrender form Please complete this form using black ink and BLOCK CAPITALS. If you make a mistake, cross it out, put in the correct words and sign your initials next to the correction. Please

More information

SOVEREIGN S CROSS BORDER PENSIONS

SOVEREIGN S CROSS BORDER PENSIONS P E N S I O N S P E N S I O N S SOVEREIGN S CROSS BORDER PENSIONS If you have lived in the UK and moved overseas you may be considering your international retirement planning options, and specifically

More information

EXPLANATORY MEMORANDUM TO THE LIFE INSURANCE QUALIFYING POLICIES (STATEMENT AND REPORTING REQUIREMENTS) REGULATIONS 2013. 2013 No.

EXPLANATORY MEMORANDUM TO THE LIFE INSURANCE QUALIFYING POLICIES (STATEMENT AND REPORTING REQUIREMENTS) REGULATIONS 2013. 2013 No. EXPLANATORY MEMORANDUM TO THE LIFE INSURANCE QUALIFYING POLICIES (STATEMENT AND REPORTING REQUIREMENTS) REGULATIONS 2013 2013 No. 1820 1. This explanatory memorandum has been prepared by Her Majesty s

More information

PRACTICE NOTE 22 THE AUDITORS CONSIDERATION OF FRS 17 RETIREMENT BENEFITS DEFINED BENEFIT SCHEMES

PRACTICE NOTE 22 THE AUDITORS CONSIDERATION OF FRS 17 RETIREMENT BENEFITS DEFINED BENEFIT SCHEMES PRACTICE NOTE 22 THE AUDITORS CONSIDERATION OF FRS 17 RETIREMENT BENEFITS DEFINED BENEFIT SCHEMES Contents Introduction Background The audit approach Ethical issues Planning considerations Communication

More information

Report of Independent Expert into the transfer of insurance business from Financial Insurance Company Limited to Financial Assurance Company Limited

Report of Independent Expert into the transfer of insurance business from Financial Insurance Company Limited to Financial Assurance Company Limited Report of Independent Expert into the transfer of insurance business from Financial Insurance Company Limited to Financial Assurance Company Limited Prepared by David Lechmere Head of Insurance Consulting

More information

KEY FEATURES OF THE NEW OPEN ANNUITY.

KEY FEATURES OF THE NEW OPEN ANNUITY. NEW OPEN ANNUITY KEY FEATURES OF THE NEW OPEN ANNUITY www.londoncolonial.com New Open New Open Annuity Annuity Key Features Key Features You should read this Key Features document carefully in conjunction

More information

International Monetary Fund Washington, D.C.

International Monetary Fund Washington, D.C. 2007 International Monetary Fund May 2007 IMF Country Report No. 07/156 Gibraltar: Detailed Report of Observance of the Insurance Core Principles This Detailed Report of Observance of the Insurance Core

More information

International Bond Key features

International Bond Key features International Bond Key features This is an important document. Please read it and keep for future reference. Helping you decide This key features document contains important information about the main

More information