Corporate Governance Code of Practice for Insurers

In June 2013 the Insurance and Pensions Authority1 published its Roadmap2 for updating the Isle of Man’s regulatory framework for insurance business (“the Roadmap”). That document set out the objective to establish a project to enhance the Island’s regulatory framework to ensure that it remains up to date, proportionate and, where appropriate, consistent with the ongoing development of the Insurance Core Principles (“ICPs”) issued by the International Association of Insurance Supervisors (“IAIS”). Since its issue the Roadmap has been updated at least annually, and more recently six monthly, to reflect progress made across the various work streams established under the project. The developments explained within the Roadmap include amendments likely to be proposed in respect of the corporate governance of insurers. These highlight some potentially significant changes, including in respect of actuarial requirements, enterprise risk management and own risk solvency assessment. This document contains the Authority’s detailed proposals in respect of the corporate governance of insurers and the proposals include the changes highlighted in the Roadmap.