The Isle of Man Financial Services Authority (IOMFSA) has revealed plans to introduce a revised risk-based methodology for the calculation of capital and solvency requirements.
The new framework will be based on internationally recognised standards developed by the International Association of Insurance Supervisors (IAIS) insurance core principles.
The process is already underway, according to IOMFSA, including regular engagements with the industry during the process.
The new framework is anticipated to be in place for the captive insurance market on 31 December 2020.
IOMFSA also revealed the island licensed two new captive insurance companies during 2019 bringing its total to 102.
The island saw three closures of captive insurance companies during that period.
The domicile offers a host of structures, including limited liability companies protected cell companies, incorporated cell companies, insurance special purpose vehicles, and limited liability partnerships.
