The Isle of Man is to legislate for Insurance Linked Securities (ILS) with a view to live regulation by the end of June, according to Aon's Gaynor Brough and KPMG's Simon Nicolas.
The proposed legislation has already gone out to public consultation, which closes on 19 June 2014.
Nicolas commented: "A number of key advisors in our industry have worked in other offshore jurisdictions, such as Bermuda, and have experience of ILS and cat bonds already.”
“The demand for ILS in the Isle of Man is coming from past and present enquiries, especially some of the larger life companies, who want to establish these vehicles on the Isle of Man and will now be able to do so using a regulatory framework which is appropriate for the nature of the risk."
The island's ILS regulations will be consistent with the other leading ILS regulated markets, while the laws themselves have already been market tested with other participants.
Brough said: “The exciting thing for us is that we have already have couple of enquiries in the pipeline and we hope to convert those into registration as soon as possible.”
