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ISLE OF MAN CAPTIVE SECTOR PREPARED FOR REGULATORY UPDATES The Manx Insurance Managers Association (MIMA) has hosted a seminar to prepare the Isle of Man’s captive insurance sector for the introduction and impact of new regulatory requirements, including the “Solvency II” directive.
The MIMA seminar, which took place on 24th April 2008 on the Isle of Man, focused on current regulatory trends and developments in the international captive insurance industry. Strategic advice on Solvency II, a new set of regulatory requirements for insurance firms operating in the European Union, was provided by expert Tim Edwards, Policy Adviser at the UK Financial Services Authority (FSA).
The proposed update to 30 year old Solvency I will introduce a risk based approach to insurance solvency requirements based around a 3-level capital requirement and a ladder of supervisory intervention to bring proportionality and incentives for firms to model their own risks.
Also on the agenda was Incorporated Cell Company (ICC) legislation. David Vick, Chief Executive of the Isle of Man Insurance and Pensions Authority (IPA) announced that a consultation paper would be released and that the Isle of Man would introduce ICC legislation later in 2008.
Derek Patience, Chairman of MIMA, commented: “This seminar demonstrates yet again that the Isle of Man is at the forefront of regulatory developments in the international insurance industry. The Isle of Man has a robust regulatory environment, supported by its ‘AAA’ Standard & Poor’s rating; the eagerness of Island authorities to maintain this high standard of regulation is essential to the ongoing development of the Isle of Man as a quality domicile for captive and general insurance business.
Last year’s review of the captive sector and subsequent implementation of a strategy to grow and develop the Isle of Man as a leading captive domicile have proved highly successful. The Island’s fiscal strategy, pragmatic regulation, quality management, and close public-private partnership make it a very attractive proposition for captive owners around the world”.
The next MIMA conference will take place in London on 9th October 2008 with guest speakers expected to include: Sir Michael Bishop, Chairman (BMI); Henk Potts (Barclays); Roger Nightingale (Global Economist); Pauline McCracken, National Grid; Denis Mahoney, Aon; Jonathan Groves, Marsh; Bob Quane, AIG and Ian Clark, Deloitte. ### Notes to Editors:
The Manx Insurance Managers Association (MIMA) MIMA is dedicated to the progression and development
of insurance management companies in the Isle of Man. It is focused on
promoting the Isle of Man as a quality domicile for captives, general
insurance and reinsurance business. Isle of Man Finance Isle of Man Finance is a division of the Treasury Department of the Isle of Man Government. It is responsible for assisting new financial services businesses to establish themselves on the Island, international media relations, international marketing and supporting existing Isle of Man financial services business. Visit: http://www.isleofmanfinance.com/media/mediaenquiries.xml
For information on the Isle of Man please contact:
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The
well attended MIMA seminar attracted other high profile figures including
David Parsons from KPMG, who spoke on ‘Tax issues for Captives’
and Lillian Boyle from Scottish Provident who discussed synergies between
the captive sector and the life industry on the Isle of Man. Isle of Man-based
companies Aon, Willis, Marsh and Tower Insurance also contributed to the
seminar.